HERMITAGE, TN—The Green Leaf at Hermitage apartment community here has been sold by an affiliate of Danville, CA-based Green Leaf Partners for $13.8 million.
The deal was announced by Multi Housing Advisors, which represented Green Leaf Partners in the transaction. The 261-unit property was purchased by an affiliate of Spyglass Capital Partners of Old Tappan, NJ, which did not use a broker in the purchase negotiations. Brett Kingman, a director in Multi Housing Advisors’ Atlanta office, represented the seller.
Green Leaf at Hermitage was built in 1973 and includes one-, two- and three-bedroom layouts. Amenities include a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area. Spyglass Capital plans to upgrade the interiors and exterior of the property located in suburban Nashville, Multi Housing Advisors states.
“Green Leaf at Hermitage is a unique value-add opportunity in a growing suburb of Nashville,” Kingman says. “As the overall Nashville economy continues to thrive, we continue to see increased investor demand for well-located assets due to improving market fundamentals.”