Nashville, Tennessee– Covenant Capital Group, LLC today announced the June 16th acquisition of Metro Manor Apartments in Nashville, TN.
A commingled fund managed by Covenant Capital Group acquired Metro Manor, a 170-unit apartment community located at 500 5th Ave. N for $15.76 million, or $92,705 per unit. The Fund obtained a new $11.82 million mortgage on the property provided by Capstar Bank of Nashville.
In keeping with the Fund’s strategy, Metro Manor will soon be transformed into one of downtown Nashville’s premier apartment communities. The renovation plans include substantial upgrades to unit interiors and amenity areas, including the installation of granite countertops and new stainless steel appliances. A brand new state-of-the-art fitness center will also be added. The revitalized roof-top pool and lounge area will feature stunning views of the State Capitol and First Tennessee Park, the new home of the Nashville Sounds. New exterior paint, windows and landscaping will dramatically enhance the curb appeal.
The acquisition marks the second investment for Covenant Apartment Fund VIII. The Fund will continue to target attractive value-add investments in apartment communities throughout the Southeastern and Mid-Atlantic States.