A modernist Berry Hill apartment complex located near a Goodwill Industries retail business and the Metro Nashville Public Schools headquarters building has sold for $14.15 million.
According to a Davidson County Register of Deeds document, the new owner of Bransford House Apartments, located at 704 Berry Road, is Yarusi Holdings. That company seemingly is based in Middle Tennessee and offers a portfolio that includes a handful of apartment properties in Nashville and Murfreesboro.
The seller was an LLC affiliated with Martin Silverman, details about whom the Post was unable to determine. Silverman paid $8.5 million for the property in 2019, Metro records show.
Opened in 1968, Bransford House Apartments offers multiple two-story buildings with a collective 64 units. As such, the transaction is the equivalent of about $220,000 per unit. That figure ranks among the lower compared to the marks of similar, recent deals.
For context, the late Edwin Raskin paid $700,000 for the property in 1973. Raskin, whose Brentwood business still operates, died in 2015 and was one of the Nashville area’s most active real estate investors in the 1960s, 1970s and 1980s.
On an adjacent site, Atlanta-based Brand Properties remains under construction with 8th & Berry, a five-building residential complex to offer a collective 314 apartments (read here).
Yarusi Holdings, which has renamed the property The Bransford on Berry, has landed a $11.15 million loan from Little Rock-based Simmons Bank, a separate Metro document notes. The company owns 18 properties with a collective 1,500 residential units and $180 million in value.
Yarusi bills itself as specializing in investing in (and then updating) undervalued multifamily properties that have been insufficiently maintained and/or managed.
