TA Realty snags Nashville-area apartment complex for $99M

Sale comes two years after Crescent paid $3.2M for the land

TA Realty Pays $99M For Nashville-Area Apartments
TA Realty's James O. Buckingham and the Novel Harpeth Heights apartments in Bellevue, Nashville TN (Novel Harpeth Heights)

TA Realty has added to its Nashville-area portfolio with the purchase of a multifamily complex in Bellevue.

The Boston-based investment giant paid $99.34 million for the 322-unit Novel Harpeth Heights apartments at 615 Old Hickory Boulevard, the Nashville Business Journal reported. That’s about $308,500 per unit.

The seller was Charlotte-based Crescent Communities, which bought the 22-acre site for $3.2 million in 2021 before developing the complex in partnership with Pearl Street Partners. Novel Harpeth Heights was completed last week. Floor plans include one-, two- and three-bedroom units, and there is 28,000 square feet of amenity space. 

TA Realty’s latest acquisition further establishes its presence in the Greater Nashville area. The firm set a record for priciest multifamily purchase in Franklin in April 2022, when it paid $145 million, or $442,073 per unit, for The Harper Apartments. That was the eighth largest real estate deal in the Nashville area last year, the outlet reported.

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TA Realty also bought downtown’s One Nashville Place tower for $98.8 million in 2014, while investing on behalf of a client. 

Elsewhere in the United States, TA Realty recently purchased a 315-unit apartment complex in Raleigh, North Carolina for $114.5 million. In July, the firm cashed out with the sale of an industrial property in Chicago’s southwest suburbs for $31 million, seven years after acquiring the site for just shy of $18 million. 

—Quinn Donoghue

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