One of the nation’s top apartment landlords has sold its inaugural Nashville development to a Virginia real estate company.
Wood Partners, the nation’s No. 4 largest apartment developer as of 2021, fetched $96.5 million for Alta Union in The Nations, according to newly filed deeds. The buyer was Weinstein Properties.
The apartment complex, which opened this year, was Wood Partners’ first project in Nashville, according to previous Business Journal reporting. It holds 283 units, making for a per-unit sales price of at least $340,989 — a respectable sum but not a record.
The Nations has been home to several high-price real estate transactions over the past year. Stocking 51, the neighborhood’s biggest mixed-use retail and office project, sold for $58 million in May, and a handful of raw or industrial land trades have taken place. Among the area’s big development presences are Wood Partners, Vintage South Development, Mill Creek Residential and Camden Property Trust.
In recent years, multifamily (real estate speak for apartments) has been one of two top-performing commercial real estate sectors in the city. The trend is largely influenced by the sheer demand for rental housing as Nashville’s population grows and interest rates surge, making homebuying more expensive. The area is also experiencing strong rental rate growth — 15.4% over the last 12 months, according to a recent report — which means solid profits for investors who want to hedge their portfolios with real estate buys.
Wood Partners, headquartered in Atlanta and led in Nashville by Andrew Steffens, is one of Nashville’s most active apartment developers, if not the most active. The firm has projects above ground and under construction all over the city. They include 302 units on East Trinity Lane, 370 units near the Gulch, more than 600 units in MetroCenter, as well as multiple developments in the suburbs.
Alta Union’s buyer has invested in Nashville before. Weinstein Properties owns three other apartment complexes in city: Bexley Donelson, Bexley Silo Bend and Bexley Parkstone. Its portfolio comprises 20,000 units nationwide, according to its website.
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