A Cool Springs apartment property has sold for $100 million, more than twice the figure for which it last changed hands roughly eight years ago.
The new owner of Viera Cool Springs is Royal Oaks Fee Owner, an affiliate of Los Angeles-based real estate investment firm TruAmerica Multifamily. The seller was Viera Holdings LLC, an affiliate of Miami-based Lindemann Multifamily Management. Led by George Lindemann and Jud Laird, the LLC paid $44 million for the property in 2013, according to Williamson County property records.
Located at 300 N. Royal Oaks Blvd. at that road's intersection with Liberty Pike, Viera Cool Springs opened in 1986 and comprises multiple two-story buildings with a collective 468 residences. As such, the transaction is the equivalent of almost $214,000 per unit.
Of note, Lindemann Multifamily also owns garden-style apartment complexes in Bellevue, MetroCenter and Hermitage. The company was founded in 1998 and also has holdings in Florida and North Carolina.
Brokers Tarek El Gammal and Vince Lefler, co-executive managing directors with Newmark, represented the selling LLC. Russell Harwell, a partner and a member of the commercial real estate and transactions team with the Nashville law offices of Adams and Reese, provided legal counsel to the sellers.
TruAmerica Multifamily also owns Southpoint at Stones River in Hermitage. In addition to California and Tennessee, the company owns properties in 12 other states. Its portfolio, according to the TruAmerica website, includes 102 properties.