Nashville Rental Asset Trades at Slight Discount

LIV Development paid $63.26 million for the Eastside Heights apartments. The Nashville Business Journal reports that’s about a million dollars less than the seller, Steadfast Cos. paid for the property in 2019.

The building, located near the East Bank, opened in 2017 and was co-developed by Southeast Ventures and Hardaway Construction. Eastside Heights stands five stories and offers 249 apartment units, 8,000 square feet of ground-level retail and a 360-space parking garage.

The transaction was equivalent to around $254,076 per unit.

LIV Development has developed more than 20,000 units, primarily in the southern region of the U.S. The firm currently owns two Nashville apartment complexes, Livano Nations and Livano Trinity, and sold another East Nashville apartment building, The Cleo, in 2018 for $66.98 million.