Lenoxgate

 

A 264-unit Class B apartment complex located in Nashville, TN.

 
 
 

Deal Highlights

STATUS

Sold

Building Size

264 units

Location

Nashville, TN

Property Type

Class B Multifamily

 

Hold Period

30 Months

IRR

47.59%

Equity Multiple

2.58x

 

Investment Summary

Lenoxgate is a 264-unit garden-style apartment complex located in the Nashville suburb of Goodlettsville, TN. Lenoxgate is very well located, but at the time of acquisition it was under managed, under rented, and in need of renovations. OakPoint was able to acquire Lenoxgate in September of 2014 in an off-market transaction. During the hold period OakPoint was able to install professional management and perform property-wide renovations bringing the asset up to par with its competitive set and increasing rents substantially. The asset sold in January of 2017, generating a 47.59% IRR and a 2.58x equity multiple.

Property Location

100 Lenox Place
Goodlettsville, TN 37072

 
 
 
 
 
 
Completed, MultiFamilyModestWorksLenoxgateNashville