U.S. NexPoint to buy $384 mln residential communities in Fla & Nashville

U.S. real estate investment trust NexPoint Residential Trust Inc. is acquiring The Avant at Pembroke Pines and Arbors, two multifamily residential communities located in Florida and Nashville respectively, totalling $384 million.

Under the move, NexPoint will buy a 346-unit property in Nashville for $62 million and a 1,520-unit community in Florida for $322 million. The Pembroke Apartments deal is expected to close on August 30, 2019.

The Avant at Pembroke Pines, which comprises 190 two-story buildings housing a mix of one- and two-bedroom apartments, is located at 11801 Pembroke Road in the Pembroke Pines submarket of Miami.

Arbors, a 20-building property, is located at 100 Brentwood Place in the Southeast/Brentwood submarket of Nashville. The asset houses a mix of one-, two- and three-bedroom apartments with an average size of 940 square feet.