Security Properties, ReCap Buy Apartment Community Near Nashville for $55M
GALLATIN, TENN. — Security Properties and ReCap, a Reinsurance Group of America company, acquired Stoneridge Farms at the Hunt Club, a garden-style apartment community in Gallatin, a suburb 25 minutes from Nashville. The Class B property features 364 units in a mix of one-, two- and three-bedroom floorplans with oak raised panel cabinet doors, laminate countertops, a mix of vinyl and carpeting and faux stainless steel appliances.
The buyers plan to renovate all unit interiors to a high-end finish, with stainless steel appliances, quartz countertops, upgraded vinyl and carpeting and new fixtures. Security Properties Residential, an affiliate of Security Properties, will manage the asset.