By Adelina Osan, Associate Editor
A fund managed by Covenant Capital Group recently sold The Views on the Cumberland, a 250-unit apartment community at 6700 Cabot Drive in Nashville. A group of real estate investors acquired the property for $30.5 million, according to the Tennessean.
Covenant Capital Group sold the community after purchasing it three and a half years ago for $10 million. The real estate private equity firm also invested up to $10 million in renovations at the time.
The Views on the Cumberland apartment complex offers one-, two- and three-bedroom apartments with sizes ranging from 600 square feet to 1550 square feet. Rents start at $919 and reach $1550 per month. The median household income in the area is $40,250.
Community amenities include a clubhouse, business center, pet-friendly complex, high-speed internet access, on-site maintenance and management, laundry facility, swimming pool and fitness center. Nearby attractions include Nashville West Shopping Center, H.G. Hill Park, Brookmeade Park and the Cumberland River.
Covenant, the property seller, currently owns 47 apartment communities throughout the country with more than $1.4 billion of assets under management on behalf of over 250 institutional and high net worth investors.