TORONTO, Sept. 15, 2017 /PRNewswire/ -- Emma Capital Investments Inc. ("Emma Capital") is pleased to announce the acquisition of Newport Apartments, a 235-unit community located at 1901 Murfreesboro Pike, Nashville TN 37217. The property was acquired at a purchase price of $US 21,000,000. This is Emma Capital's first purchase in Nashville and its 26th acquisition in the U.S., bringing Emma Capital's total acquisitions to date to over 6,250 apartment units.
Located along Interstate 24 and Murfreesboro Pike Road, Newport Apartments is situated on 21.58 beautifully landscaped acres and offers five different floor plans made up of 163 one-bedroom units and 72 two-bedroom units. Units feature balconies/patios, walk in closets and washer/dryer connections. The Property features attractive amenities including a swimming pool, business center, playground, dog park, picnic area, volleyball court, tennis courts, and a laundry facility. All the units at the Property feature original classic interior finishes or minimal upgrades, making the asset a strong candidate for unit interior renovations by enhancing and modernizing the finishes and appliances.
"We are very excited about this acquisition," stated founding Partner and Co-Owner Haya Zilberboim. "The Property's location, just Southeast of downtown Nashville, offers renter's quick downtown accessibility while providing affordable rent options, as well as being ideal for those working close by at the airport and businesses located along I-24. The area is known as a vibrant industrial and commercial area anchored by the Nashville International Airport, which is undergoing a major expansion project. We are looking forward to bringing Emma Capital's unique approach to enhancing Property attractiveness and improving tenant services to the Nashville market."
"We are thrilled about our expansion into Nashville," added Partner and Co-Owner Oz Cohen. We are now firmly established in a multitude of South East markets including Atlanta and Charlotte. Investing in such a dynamic growth-oriented city such as Nashville is a natural progression. Newport provides us with a strong asset upon which we can build our Tennessee portfolio as well as a strong base as we continue to expand into other nearby markets such as Louisville and Indianapolis."
About Emma Capital
Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multi-family residential complexes, in particular in the Sun Belt States in the U.S. The typical Emma Capital project involves 100+ class "B" apartment communities with value-add opportunities, delivering strong cash flow and long-term appreciation while preserving capital. To date, Emma Capital's portfolio consists of total purchased value of over US$550,000,000 of property and approximately 6,250 units in the Phoenix, Atlanta, Charlotte, Raleigh, Orlando and Nashville markets.
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SOURCE Emma Capital Investments Inc.