Nashville's Schatten Properties purchased Goodlettsville's Lodge North Apartments for $4.75 million Tuesday and indications are the complex will be rebranded.
Delaware-based PBE Companies LLC paid $4.05 million for the 187-unit complex in August 2011, buying the apartments out of foreclosure from eponymous owners Lodge North LLC. PBE makes a nice profit off its short-term investment and, in turn, Schatten — which purchased the complex as Summerfield Place LLC — got a deal. The complex, which sits on 11.25 acres on Moss Trail, was last appraised at more than $7.6 million.
Schatten already has added the property to its website with its new name, but offers few details [2]. Originally built in 1971, the property has a price tag that has remained strangely stable. Lodge North paid $4.6 million for the complex in 1983.