Fairfield Buys Nashville Apartments from GVA for $52M

Fairfield Residential and GVA have struck another deal in Nashville, with one firm beefing up its multifamily portfolio, while the other looks to liquidate.

California-based Fairfield purchased the 380-unit Landmark at Wynton Pointe complex, at 1000 Enclave Circle, in South Nashville for nearly $52 million, the Nashville Business Journal reported. The sale comes out to roughly $136,000 per unit. How much GVA paid for it is unknown.

This is Fairfield’s fourth multifamily acquisition in Nashville this year. Troubled multifamily syndicator GVA, based in Austin, has been the seller of all of them.

Fairfield paid GVA a little over $45 million for an airport-area complex last month. It added two more properties to its portfolio shortly after: the Newport Apartments for $29.2 million and City Side Flats for $27.8 million, both also in the airport area.

GVA purchased those four apartment complexes for almost $161 million but sold them collectively to Fairfield for $154.12 million, the outlet reported, citing Metro records.

That’s a loss of almost $6.9 million, but GVA came out ahead in another Nashville-area transaction last month. It reached a $34 million deal with a subsidiary of California-based TriWest Development, unloading the 252-unit Timberlake Village Apartments in Antioch, just south of Nashville. GVA purchased the property for $31 million in 2021.

GVA, led by Alan Stalcup, is among the multifamily syndicators who took out floating-rate loans when debt was cheap and hit a wall of distress when rates started rising. The firm was one of the nation’s 50 largest landlords in 2022 and scored big firms Crow Holdings and Fortress Investment Group as partners.

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.

Fairfield owns and operates residential assets in more than 35 U.S. cities. The company is led by CEO Richard Boynton.

—Quinn Donoghue