After five months on the market, Lehman Brothers' massive Nashville apartment offering has sold.
Norfolk, Va.'s Harbor Group International announced it will pay $130.5 million for the four-complex, 1,593-unit portfolio. That equates to $81,920 per unit. The buy includes Hermitage's Cherry Creek (627 units), Arbors of Brentwood (346 units), Cambridge at Hickory Hollow (360 units) and Preakness (260 units), also in Hickory Hollow. All four were built between 1985 and 1989.
HGI announced it will invest $4.69 million — roughly $2,900 per unit — into the four complexes for interior and exterior improvements.
Dave Gutting, Derrick Bloom and Vince Lefler of Jones Lange LaSalle acted as brokers for Lehman.