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Starwood Capital sells Hermitage, Tenn., multifamily property for $49M

Starwood Capital Group sold The Arbours of Hermitage multifamily property in Hermitage, Tenn., to Lion Real Estate Group for $48.5 million, Multi-Housing News reported, citing public records.

The 350-unit community at 6001 Old Hickory Blvd. comprises 45 buildings. The property, which last traded for $38.6 million in late 2016, was 93.4% occupied in December 2019, the report noted, citing Yardi Matrix data.