Courtesy of Mallards Landing
Pennsylvania-based entity pays $127.5K per unit at Mallards Landing
An Antioch apartment complex has sold for $27.15 million, almost two and a half times the sum for which it changed ownership hands about four years ago.
The buyer of what is Mallards Landing Apartments is an LLC affiliated with King of Prussia, Pennsylvania-based Morgan Properties. That company owns five other garden-style suburban apartment complexes in Davidson County and holds properties in multiple states in the Northeast, Mid-Atlantic and Southeast.
The seller was a California-based LLC that paid $11.65 million for the roughly 14-acre property in July 2015, according to Metro records.
The address is 4501 Packard Drive, near the Haywood Lane and Interstate 24 exchange. Opened in 1971, Mallards Landing offers 213 units in multiple three-story buildings.
The sales price is the equivalent of about $127,500. The Post was unable to determine at publication time if the buyer and/or seller had broker representation.
Morgan Properties manages Mallards Landing. It is unclear the extent of any upgrades the seller, Towers on Western LLC, may have undertaken during its four years of owning the property.
The sale continues a 2019 that has seen multiple other transactions involving the city’s suburban apartment complexes. For example, earlier this month, 380 Harding Apartments at 380 Harding Place in South Nashville sold for $13.85 million. That transaction was the equivalent of about $86,560 per unit.