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Lion Real Estate Expands Nashville Footprint

Brookside Properties has sold Glengarry Heights, a 160-unit Class C community in Nashville, Tenn., for $13.1 million to Lion Real Estate Group. The buyer financed the value-add acquisition with a 12-year, $10.5 million Freddie Mac mortgage originated by Berkadia Commercial Mortgage, according to Yardi Matrix. The new owner will rebrand the asset as The Avery Apartments.

The deal marks Lion’s second purchase in Nashville over the last year. In July, the firm acquired a 206-unit community for nearly $17 million .

Located at 914 Winthorne Drive in the South Nashville submarket, the property is a short drive from the city’s international airport and less than 8 miles southeast of downtown. The community is positioned near the Murfreesboro Pike retail corridor, and a nearby bus stop connects residents to the urban core.

The property, opened in 1965, contains a mix of one-, two- and three-bedroom apartments and townhouses, with floorplans from 680 to 1,450 square feet. The new owner plans to renovate the community’s units and swimming pool.

Number of new home loans plunges nearly 20 per cent in 2018, ABS data shows

Home lending will determine property prices in 2019 , said Domain economist Trent Wiltshire.

“Changes in home lending is closely linked to changes in house prices so this could be a sign of further price falls in 2019, it could be a leading indicator of what happens in the housing market,” Mr Wiltshire said.

He believed the uncertainty in the lead-up to banking royal commission’s final report exacerbated home lending in December, which recorded a 4.4 per cent drop, almost double the previous month.

AMP Capital chief economist Shane Oliver said both supply and demand contributed to the overall decline in home lending last year.

“The banks have made it harder to get a loan but there’s also less demand for loans. A lot of that weakness is concentrated in investors,” Dr Oliver said.

A decline in investment home loans made up the lion’s share of the home lending downturn, recording a 27.8 per cent drop in the past year.

“They’ve lost a bit of interest with the expectation prices are still falling,” Dr Oliver said.