NASHVILLE, TN - Nationwide multifamily investor and operator, Avanti Residential announced the acquisition of lakefront property, The Residence at Old Hickory Lake, a 116-unit Class A multifamily property in the Nashville metropolitan area. This community completed construction in 2018, and it marks Avanti's entry into the Nashville market.
The Residence at Old Hickory Lake features a range of living options including 1-, 2- and 3-bedroom layouts. The property offers residents luxury living with 9-foot ceilings, floor-to-ceiling windows and gourmet kitchens in each unit. The property also features a resort-inspired saltwater pool, fire pit and 24-hour fitness center for residents to enjoy.
"Nashville's dynamic real estate market aligns perfectly with our company's vision for sustainable growth," said Christian Garner, president and CEO of Avanti Residential. "We're committed to enhancing the greater Nashville area with modern, well-managed apartment communities that meet the needs of both new and existing residents."
The Residence at Old Hickory Lake is at 2401 Lakeshore Drive 15 miles from Downtown Nashville. The vibrant Old Hickory neighborhood features small-town charm and natural beauty. Residents are steps away from Old Hickory Lake, Blue Turtle Bay Marina as well as local restaurants, coffee shops, hiking trails and parks. Old Hickory and northeast Nashville are poised for growth as the city continues to drive progress in technology, sports, music and entertainment.
"We believe The Residence at Old Hickory Lake is well-positioned to outperform the local market into the foreseeable future," said Peter Partipilo, director of acquisitions. "Given the solid area fundamentals and continuing absorption of the region's recently delivered new multifamily product, we expect an opportunity to expand further in the Nashville market."
Avanti Residential purchased the property from Arnold Companies, a private non-merchant developer.
"Avanti is a pleasure to work with," said the sale representative at Arnold Companies, Ben Arnold. "We wish them well with their new acquisition."
Avanti Residential owns and operates over 9,000 apartment units in eight states and is continuing to grow in the Southeast United States. Given its significant expansion in Kansas City and Florida, Avanti Residential is anticipated to continue property acquisition efforts in the region. The organization continues to acquire apartment projects on behalf of its institutional and private capital partners.