Los Angeles-based IMT Capital LLC acquired the 276-unit Broadstone Germantown apartment complex in Nashville, Tenn., for $73.2 million, the Nashville Business Journal reported, citing newly filed public records.
On average, the real estate investor spent more than $265,000 per unit to acquire the property, making it the third-largest deal for a Nashville apartment complex, according to the paper.
PGIM Real Estate invested in the property alongside Alliance Residential Co. which developed it, the Sept. 10 report added, citing public records.
IMT funded the trade using a loan from CBRE Capital Markets.
Walker & Dunlop Inc. arranged the sale of Broadstone Germantown.