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GVA offloads San Antonio apartment complex
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GVA sells Nashville apartments for $34M
Financially troubled firm, based in Austin, bought property for $31M in 2021
A photo illustration of GVA’s Alan Stalcup along with the Timberlake Village Apartments near Nashville (Getty, GVA, Google Maps)
GVA is dealing with a slew of distressed multifamily assets across the Texas Triangle, but it got out of a suburban Nashville complex with a few million dollars.
The Austin-based firm, led by principal Alan Stalcup, has sold the 252-unit Timberlake Village Apartments in Antioch for $34.25 million, the Nashville Post reported. The price was about $135,900 per unit.
The buyer is an LLC with ties to California-based TriWest Development, according to Davidson County records. TriWest owns at least 60 multifamily properties in the Nashville area.
GVA bought the property, at 325 Blue Lake Circle, for a little over $31 million in March 2021 from St. Louis-based Timberlake Apartment Associates, which also developed the complex. Timberlake paid $504,000 for the roughly 19-acre tract in 1984, the outlet reported.
The property’s rise in value is reflective of a multifamily market that reaped the benefits of Nashville’s explosive growth. However, demand has started to wane, heading to oversupply.
GVA was one of the many real estate players looking to capitalize on Nashville’s growth. It has acquired upwards of 10 properties in the area since 2019. In December 2022, the firm dished out $75 million for the 380-unit Landmark at Wynton Pointe apartments in south Davidson County. That’s more than double what the seller, Starwood Investment Group, paid for the complex in 2013.
GVA purchased the 260-unit Landmark at Lyncrest Reserve in Bellevue for $64 million earlier that year. Perhaps the firm’s most recognized Nashville property is the 230-unit Midtown apartment building 1818 Church, which it bought for $35.5 million in June 2021.
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GVA holds nearly 20 properties in its Nashville-area portfolio, roughly half of them in the suburbs, according to the firm’s website.
While GVA’s reason for selling the Antioch complex remains unclear, it could be a maneuver to remedy financial troubles elsewhere. The company is facing foreclosure at several apartment properties in San Antonio, Austin and Houston.
It’s grappling with similar issues in a few other states across the Sun Belt.
—Quinn Donoghue