Pennington art

The Sound at Pennington Bend

A mere four weeks after selling a Bellevue garden-style apartment complex for about $118.25 million, New York-based The Praedium Group has paid $95.7 million for a similar property located near Opry Mills, according to a Davidson County Register of Deeds document.

The Sound at Pennington Bend, which opened in 2021 and is located at 330 Pennington Center Blvd., offers a collective 296 units in multiple three-story buildings.

The seller was an LLC affiliated with Dallas-based Lincoln Property Company. That entity paid $6.7 million for the then-raw land in late 2019 and developed the site with the apartment complex, Metro records show.

The transaction is the equivalent of about $323,310 per apartment, one of the higher such marks compared to those of recent deals involving similar properties.

Relatedly, The Praedeum Group has landed a loan for $57.4 million.

The Post was unable to determine if brokers were involved in the deal.

As noted, The Praedium Group in mid-January sold One Bellevue Place to New York-based real estate titan Blackstone (read here). The Praedium Group paid $83.32 million for the property in December 2018, Metro records show.

My Nashville Post role has evolved since 2000 when I joined the now-defunct The City Paper. TCP became a Post sister publication in 2008 (when I began doing some Post work) and folded in 2013. I have been managing editor of the Post since late 2011.