Champion Real Estate had purchased the property, dubbed Amplify on Main, for $ 14.1 million in 2015. It was built in 2014 and remodeled in 2021 after being damaged by a tornado in 2020.
It has a mix of one and two bedroom units in addition to the townhouses.
“Since the acquisition of Champion in 2015, the Nashville market has grown significantly, accompanied by increasing rental rates and squeezing cap rates,” said Parker Champion, COO. of the company, in a press release. “This growth provided an ideal exit opportunity for Champion. While we prefer to do transactions for long-term cash flow, we had previously identified an exchange property of 1031 that offers a tax-efficient investment for our investors.
William Kirkland and Miller Harris of Kirkland Co. represented the anonymous buyer and seller in the transaction.
Champion is incredibly active in multi-family and student housing, having invested in assets near the USC campus since 2015, including acquiring several properties in 2021.
In July, he acquired the former home of the Alpha Gamma Omega fraternity at 2831 University Ave. from the University of Sawtelle to 30th Investors for $ 7.5 million. In May, the company purchased a former fraternity house at 668 W. 28th St. in University Park from Wall Street Properties for $ 8 million. The two properties are renamed Victory House West and Victory House respectively.
In both properties, Champion Real Estate is adding accessory dwelling units to increase the number of units on the property.
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