Hickory Hollow apartment complex sells for $31.9M

California-based company acquires 360-unit Cambridge

The Cambridge at Hickory Hollow apartments have sold for $31.93 million to a California company, according to a release.

Norfolk, Virginia-based real estate investment and management firm Harbor Group International sold the 360-unit complex to California-based Passco Companies. The sale is the equivalent of $88,694 per unit.

HGI acquired the property in August 2012 as part of a $130.5 million, four-property portfolio transaction comprising 1,593 units.
 
"Cambridge at Hickory Hollow performed well with occupancy consistently above 95 percent and sustained rent growth throughout our two years of ownership," T. Richard Litton, Jr., HGI, president, said in a release. "The property is another of our many successes in Nashville, a market that continues to generate strong rent growth and significant investor demand."

The property represents the second sale from HGI’s four-property portfolio. In February 2012, HGI sold Preakness, a 260-unit apartment community located within the same submarket as Cambridge at Hickory Hollow.