Covenant Capital Group is pleased to announce the December 22nd acquisition of Riverbend Apartments in Nashville, Tennessee.
A commingled fund managed by Covenant Capital Group acquired Riverbend Apartments, a 250-unit apartment community, for $10 million. The Fund obtained a new $8 million mortgaged provided by Fannie Mae.
According to Jeff Seiters, Senior Vice President of Covenant Capital Group: “Riverbend’s desirable West Nashville location and picturesque setting along the Cumberland River made it a prime acquisition target. Owned by the same family for the last 30 years, Riverbend represents an excellent value-add opportunity. The Fund plans to execute significant improvements to the exteriors, amenities, and curb appeal along with substantial updating of unit interiors. Additionally, Riverbend’s proximity to the new ‘Nashville West’ retail center, access to Interstate 40, and ten minute commute to Nashville’s healthcare corridor and downtown make it a natural choice for area renters. We believe once renovations are completed, Riverbend will be the preeminent apartment community in the Nashville West market.”
Covenant’s $140 million Fund now holds sixteen properties including the most recent addition to the portfolio. The Fund will continue to target additional attractive value-add investments in apartment communities.