Davenport Apartments Trade for $58.1M

Beacon Real Estate Group and a Promecap multifamily fund acquired Harper Grove, a 264-unit community in Davenport. 

Commercial Edge reports the group paid $58.1 million for the asset and took out a $49 million loan originated by Bridge Investment Group.

OneEleven Residential was the previous owner. The firm completed the property in 2023 using funds from a $40 million note from First Horizon Bank.

Located at 1005 Keymar Drive, the community encompasses three four-story buildings spread across 18 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging between 694 and 1,704 square feet. Apartments also feature private balconies or patios.

Common-area amenities include an 11,000-square-foot clubhouse, a fitness center, a saltwater swimming pool with cabana, an entertainment bar, gaming lounge and a yoga lawn. The community also has coworking spaces, conference rooms, grill stations, dog parks and a pet spa.