Security Properties Buys Two Apartment Communities in Nashville for $53.7M

NASHVILLE, TENN. — Security Properties, a Seattle-based multifamily investment and development firm, has purchased two apartment communities in Nashville for a combined $53.7 million. The assets include the 139-unit Opus 29 in Nashville’s West End neighborhood and the 86-unit Note 16 in the Music Row area. Security Properties has purchased the assets off-market in a 50/50 joint venture with Loma Linda University. This represents the fourth and fifth acquisitions between the two groups. Security Properties used a 10-year, fixed-rate loan for the two transactions.