N.Y. company pays $23M for airport-area apartments

An apartment complex located near the Murfreesboro Road and Briley Parkway intersection in South Nashville has sold for almost $10 million more than the price for which the since-upgraded property last changed ownership hands four years ago.

The address of the Nashville International Airport-area property is 914 Winthorne Drive.

According to a Davidson County Register of Deeds document, an LLC affiliated with Cedarhurst, N.Y.-based Northway Equities, in partnership with VMR Equities, paid $23million for the 160-unit Avery Apartments garden-style residential complex.

The seller was Los Angeles-based Lion Real Estate Group LLC, which paid $13.1 million for property, then called Glengarry Heights, in February 2019 (read here).

The deal is the equivalent of $143,750 per unit. The complex opened in 1965. After its purchase, Lion undertook upgrades to the one-, two- and three- bedroom units and the townhomes.

Relatedly, Northway Equities has landed a loan valued at $17,250,000 from the Franklin office of Ambler, Penn.-based Berkadia Commercial Mortgage.

"Nashville has been a target market for us for quite some time," Steven Elefant, Northway Equities director of acquisitions, emailed the Post. "The city's impressive job growth and substantial investments in both public and private sectors have truly heightened its allure for us."

This is Northway Equities' initial foray into Nashville. Zac Wracher, affiliate broker with Nashville's The Kirkland Company, represented both Northway Equities and Lion in the deal.

For context, Glengarry Partners was the seller in 2019, with an affiliated entity having acquiredthe property in 1989 for about $2 million, according to Metro records.

The sale comes not quite 12 months after New York-based nonprofit Community Solutions, which focuses on providing apartments for the unhoused, paid $20,592,000 for the nearby144-unit Glastonbury Woods Apartments (read here).

That transaction was the equivalent of $143,000 per unit.

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