Elmington adds to affordable housing portfolio

Elmington Capital Group announced Wednesday it has acquired for $20.3 million apartment complex The Park at Hillside in Edgehill.

The seller was Park at Hillside W TIC LLC and Park at Hillside 752 ITC LLC, which paid $6.1 million for the multi-building property in August 2013.

Located at 1501 Hillside Ave. (see here courtesy of Google Maps), The Park at Hillside is a 290-unit low-income tax credit (LIHTC) apartment property.

In a release, Elmington said it plans to operate the apartment buildings via its Elmington Property Management division.

The property is located equidistant from the popular 12South district and the Eighth Avenue commercial corridor.

With the acquisition, Elmington Capital Group now owns nearly 1,000 LIHTC apartment units in various Middle Tennessee properties: Hickory Lake (Antioch), Hallmark at the Park (North Nashville), Hallmark Station (Bellevue) Meadow Creek (Goodlettsville) and Miller Town (Clarksville).

Statewide, Elmington owns 1,800 LIHTC apartment units.

“We are thrilled to add this [property] to our affordable housing portfolio,” Cary Rosenblum, Elmington CEO, said in the release. “We’ve seen success with similar properties in other markets and are happy to have this one in our own backyard.”

Elmington owns or manages 20,000 apartment units across 13 states, half of which fall under some type of affordable housing classification.

The company is in the process of rehabbing the Hillsboro Village building last home to Boscos (read more here).