A New York-based real estate investment company has paid $5.85 million for the 160-unit 380 Harding apartments in Nashville.
Previous owner Freeman Webb bought the complex for $2.5 million in 1991.
Built in 1982 and most recently appraised at $4.17 million., the apartment complex is in the Tanglewood area of Harding Place.
“We bought this property in 1991 when the market was down and paid a little over $2 million," Bill Freeman, founder of Freeman Webb, said of 380 Harding. "We now have sold it for a little less than $6 million. We are excited to achieve this level of a return. It is the latest example of the contrarian investment strategy Freeman Webb has employed since we began 30 years ago.”
Also today, Terrace Park Apartments at 3110 Elm Pike sold for $7.5 million to Nashville-based Highmark Holdings.
Previous owner McCormick Baron Salazar of St. Louis bought the complex from Nashville real estate vets Mack McClung and J.D. Eatherley for $750,000 in 1993. It was most recently appraised for $6.7 million.