An out-of-town real estate company made its first foray into Nashville by paying around $ 41.1 million for two Modernist apartment complexes in the south of the city.
Bond Companies, which are headquartered in Chicago and Los Angeles, paid around $ 14.2 million for Axis Apartments (pictured) and around $ 26.9 million for Mosaic Apartments, according to deeds registry documents from the Davidson County. The two resorts are located near the Nashville International Airport and in close proximity to each other.
Rob Bond, chairman of the company and co-founder with Larry Bond, said the company plans to hold onto the properties for the long term. Bond Companies will modernize both properties, but Bond declined to disclose an estimated cost to do so.
“At the macro level, Nashville fits our investment thesis,” Bond said. “It has excellent job growth, a strong business climate and is a rapidly growing city and region. We believe the long-term outlook for Nashville is extremely bright. “
The seller of Axis Apartments (located at 307 Glengarry Drive) was Archway Equities, based in Beverly Hills, Calif., which paid $ 10.8 million for the property in November 2018, according to Metro files.
Archway Equities was also the seller of Mosaic Apartments (located at 1019 Patricia Drive), having paid $ 18.6 million for the Nashville International Airport area property (also in November 2018).
Elmington Property Management, based in Nashville, manages both properties. Archway undertook some upgrades and rebranding of the two properties after acquiring them, the Post reported at the time.
Bond said Peter Chacon and Ian Anderson, brokers and senior managers in JLL’s Nashville office, represented Bond Companies in the transaction.
Bond Companies owns both residential and commercial buildings, many of which are mixed-use.