REIT buys apartments near Nipper's Corner

Virginia company latest to buy into Nashville

A 380-unit apartment complex in South Nashville has been sold to a Virginia real estate investment trust in the latest sign that investment firms from around the country see Nashville as a solid bet.

Landmark Apartment Trust of America bought the property formerly known as Mission Brentwood Apartments — it now goes by the name Landmark at Wynton Pointe — in conjunction with two complexes in the Dallas area. Combined, Landmark paid former owner Mission Residential $98.9 million for the properties, which comprise 1,334 units. On a per-unit basis, that would value the local apartments off Old Hickory Boulevard east of Nipper's Corner — which were built in 1989 and appraised earlier this year at $22.3 million — at about $28 million.

“We continue to invest in multifamily properties located in Southern U.S. markets we believe will benefit from our proven repositioning program and sophisticated operating platform,” said Stanley Olander, CEO of Landmark. “With this transaction, we are expanding our presence in Dallas, which remains an attractive market given that the Texas economy is outpacing most of the nation. We are also pleased to be entering Tennessee where we’ve identified strong market fundamentals and an opportunity to grow our portfolio.”

Landmark is the latest big player to enter Middle Tennessee's hot apartment market. Last week, New York Life acquired downtown's The Cumberland apartment tower, a deal that came shortly after a Florida firm bought a 278-unit complex in Murfreesboro. Other big complexes such as 1700 Midtown and Eleven North in the North Gulch also have sold in recent years, and many other notable apartment projects have been planned or started of late.