Source: Security Properties
NASHVILLE, TN - Security Properties and Enterprise Community Investment partnered to acquire Hickory Hollow Towers and Colony Square Apartments. This acquisition marks the 10th and 11th joint venture between Security and Enterprise. Financing was provided by Fannie Mae through Berkadia.
Hickory Hollow is a 154-unit, senior affordable housing community located in Antioch, TN and Colony Square is an 80-unit, family affordable housing community located in Smyrna. TN. Both properties will benefit from significant renovations, including parking lot asphalt, roof repairs, energy efficiency upgrades, plumbing repairs, and community amenity improvements.
These transactions mark Security Properties' first acquisition of affordable properties in the state of Tennessee. "We are excited about planting a flag in the Nashville MSA and investing in these communities for the future as we continue to grow our footprint in Tennessee," said Chase Olson, Associate Investment Manager with Security Properties.
Sean Burrowes, Director, Affordable Housing added "Hickory Hollow Towers and Colony Square are important assets that provide crucial affordable housing in a market that has seen a significant increase in rents and a decrease in market-rate affordability. Security Properties is committed to providing safe, high quality and service enriched housing at Hickory Hollow Towers and Colony Square and looks forward to ensuring that these properties remain affordable for future generations of seniors and families in the Greater Nashville area."
Both properties will be managed by Security Properties-affiliate Security Properties Residential.