10-08-2013 07:25 PM

Hendersonville apartment community sells for $29 million


Hendersonville's Watermark at Indian Lake Village apartment development has sold for $29 million.



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A new Hendersonville apartment complex has sold for $29 million, according to Sumner County property records.
Irvine, Cal.-based Steadfast Income REIT Inc. paid more than $140,000 per unit for the 206-unit Watermark at Indian Lake Village, which opened earlier this year at 120 Cinema Drive.
The property is being renamed Cantare at Indian Lake Village.
The seller was Watermark at Indian Lake.
The property is 92 percent occupied, according to a Steadfast press release. The property has average monthly rents of $1,054. This is Steadfast's second purchase in Nashville. It also bought Keystone Farms in December.
Nevin Batiwalla covers real estate/development and regional economic development.


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