Admiral Capital Group and Security Properties have acquired Nashville-based Cambridge at Hickory Hollow, a multifamily property. No financial terms were disclosed.
NASHVILLE, Tenn., Sept. 24, 2019 /PRNewswire/ — On September 18, 2019, Admiral Capital Real Estate Fund II, LP (“ACRE II”), an affiliate of Admiral Capital Group (“Admiral”), and Security Properties (“SP”) purchased Cambridge at Hickory Hollow, a 360-unit multifamily property located in Nashville, Tenn.
Cambridge at Hickory Hollow is a garden-style apartment community constructed in 1997 and is located 15 miles southeast of downtown Nashville in Antioch, one of Nashville’s fastest growing submarkets.
Nashville has roughly 1.9 million residents, and approximately 100 people move to the MSA daily. Rapid job growth, evidenced by Nashville ranking in the top 10 metros in job growth in the country for six straight years, is boosting apartment demand. “Nashville’s impressive job growth and strong multifamily fundamentals make it an attractive investment target for Admiral,” said Admiral co-founder Dan Bassichis. “This opportunity continues our defensive focus on identifying well located assets that provide a value alternative to the newer, higher end product in the fastest growing cities.”
The property is within a 25-minute drive of more than 610,000 jobs. Antioch’s proximity to major employment centers has been a major draw to renters, and as a result, the population has grown by 37,000 people (over 70%) since 2000. Over the past five years, Antioch has attracted several blue-chip employers, including Bridgestone, Asurion, CHS, HCA Health, SmileDirectClub and LKQ.
Tad Johnson, director of acquisitions at Security Properties, said, “The venture acquired this property because it was an attractive opportunity to apply our proven value-add expertise in a 1990’s vintage asset located in a high-growth market. We are excited about the growing employment drivers and investment that is occurring in Antioch and firmly believe in the long-term viability of the submarket, and greater Nashville.”
“The investment in Cambridge at Hickory Hollow will continue our longstanding, successful relationship with Security Properties,” said James Maher, principal at Admiral. “We have previously invested with them in this market and hope to continue to build our presence in Nashville and other high growth cities throughout the country.”
Security Properties now owns 121 assets totaling approximately 24,000 units across its portfolio. This includes over 1,500 units in the Nashville marketplace. The property will be managed by Security Properties affiliate Security Properties Residential.
The acquisition represents Admiral’s second investment in Nashville and brings its units currently under management to 5,500 nationwide.