Nashville’s Edgehill area affordable apartments sold for $20 million

Nashville’s Edgehill area affordable apartments sold for $20 million

Nashville-based Elmington Capital Group has paid $20.3 million for the Park At Hillside affordable housing apartments in Nashville’s Edgehill neighborhood.

With its acquisition of the 290-unit complex at 1501 Hillside Ave., the investment firm now owns nearly 1,000 low-income tax credit apartment units in Middle Tennessee.

“They have a specialty in affordable housing and this location is unique,” said Dwayne Barrett, an attorney with law firm Reno & Cavanaugh PLLC, which represented Elmington in the transaction.

Park At Hillside sits next to Edgehill Apartments. The Metro Development and Housing Agency eventually plans to convert that adjacent public housing complex formerly known as Edgehill Homes, along with the elderly-only Gernert Studio Apartments, into a mixed-income community.

Woody McLaughlin, a member of the apartment association’s statistics committee of the Greater Nashville Apartment Association, said that the Edgehill and nearby 12South neighborhood have become more desirable to investors.

Read the original article on The Tennessean →