Grant Cardone Drops $48M on Four Apartment Communities

By Eliza Theiss, Associate Editor

The Fountains

Chicago area residential developer Cunat, Inc. sold four Nashville apartment communities in a deal that fetched $48.4 million, reported the Nashville Business Journal. The acquired communities include Hickory Creek, Jackson Grove, Sheffield Heights and The Fountains.  Buyer Grant Cardone, a Miami-based motivational speaker and businessman, formed LLCs specific to each complex. According to the Nashville Post, Cardone made the acquisitions through Cardone Real Estate Holdings, a company that spent $250 million on Florida real estate in 2013-2014. According to the company’s website, its average ROI has exceeded 200 percent on 22 consecutive transactions.

Located at 700 Airways Circle, near Nashville International Airport, the 202-unit Sheffield Heights Apartments fetched $16.1 million, while the 238-unit Jackson Grove, located at 3417 Lebanon Pike in Hermitage, TN was sold for $18.8 million, the Nashville Post reported.

According to rent.com, Sheffield Heights comprises one-, two- and three-bedroom units of 750 to 1,100 square feet. The pet-friendly community features tennis courts, a swimming pool, fitness center, playground, business center and over-sized closets. Also comprising one through three-bedroom apartments, Hickory Creek offers units between 675 and 1,650 square feet, a swimming pool, fitness center and clubhouse. Jackson Grove’s one- and two-bedroom units range between 700 and 900 square feet. The community has easy access to public transportation and features an outdoor pool, walking paths, fitness center and tennis courts. Also including one- and two-bedroom units, The Fountains’ apartments range between 695 and 980 square feet. The Fountains highlights a swimming pool, extra storage and access to public transportation.

Click here for additional Nashville apartment market data

Image credits: Google Maps