Covenant Capital Group has acquired Legacy Hill, a 206-unit multifamily community in Nashville, in a transaction priced at $41.5 million. The property was sold by UDR, which had held the asset for 31 years, according to reporting from Multihousing News. The sale marks a new chapter for a community that has been part of UDR’s portfolio for more than three decades.
Walker & Dunlop facilitated the deal with a $29.4 million Freddie Mac loan, providing agency financing for the transaction. The use of Freddie Mac debt underscores the continued role of government-sponsored enterprises in supporting multifamily investment activity in the market.
Legacy Hill spans roughly 14 acres at 501 Shadowood Drive, near the intersection of major transportation routes including interstates 40 and 65. The community is located within approximately 21 miles of both downtown Nashville and the city’s international airport, offering residents regional connectivity and access to employment and entertainment centers.
The property comprises nine residential buildings ranging from two to three stories. Originally delivered in 1977, Legacy Hill offers a mix of one-, two- and three-bedroom floorplans, with unit sizes from 761 square feet to 1,269 square feet. Interior features include walk-in closets, hardwood flooring, in-unit washers and dryers, private balconies and smart-home technology, positioning the community with a range of modern in-unit amenities.
Shared amenities at Legacy Hill include a swimming pool with a sundeck, a fitness center and laundry facilities. Residents also have access to a tennis and pickleball court, a picnic pavilion with grilling stations and a playground area. The community provides 420 parking spaces to serve residents and guests.
With this acquisition, Covenant Capital Group’s portfolio in the Nashville metro area has grown to a total of 2,400 units. The Legacy Hill purchase adds another established, amenitized community to the company’s regional holdings as it continues to expand its footprint in the local multifamily market.
