Seattle Buyer Spends $54M for Nashville MF

Security Properties, based in Seattle, has acquired two multifamily properties in Nashville for a total of $53.7 million. The 86-unit Note 16 at 16th and Horton Avenues, and the 139-unit Opus 29 at 29th Ave. North, were developed by Nashville-based Stonehenge Real Estate Group.

The properties were purchased off-market in a 50-50 joint venture with Loma Linda University. The buy is Security Properties’ first in Nashville, but likely won’t be the last.

“Nashville is an 18-hour city with strong appeal to millennials, and a diverse economy dominated by education and healthcare, two industries that have historically been recession resistant,” said Barrett Sigmund Sr., Security Properties director. “As we get later in the current real estate cycle, we strive to deploy equity in increasingly strong locations.”