Thread: Atlanta investor takes $3.7M hit on South Nashville apartments

Nashville Business Journal
by Nevin Batiwalla, Staff Reporter
Date: Thursday, January 5, 2012, 9:58am CST

In this market, apartment deals are can’t miss, right?

Hardly.

In the summer of 2010, Atlanta-based Tritex Real Estate Advisors Inc. paid nearly $6.5 million in a foreclosure sale for Clairmont Apartments, a 223-unit complex in South Nashville.

A few months later, Immigration and Customs Enforcement agents raided the rental complex at 1019 Patricia Drive and reportedly detained 20 residents alleged to be illegal immigrants.

This week, Tritex sold the 70 percent vacant property to Clarksville-based Stone Ridge Apartments LLC for $2.8 million — $3.7 million less than what Tritex paid.

The sale was brokered by The Kirkland Co.

http://www.bizjournals.com/nashville...tional+Feed%29

Whoop, there it is! There's the reason our fearful leaders don't want to allow the IAs to leave. I stated on here somewhere over a year ago that if IAs had to leave NYC some neighborhoods would become ghost towns for a few years. Sort of like the Bronx of the 70's.

Originally Posted by Ratbstard

Whoop, there it is! There's the reason our fearful leaders don't want to allow the IAs to leave. I stated on here somewhere over a year ago that if IAs had to leave NYC some neighborhoods would become ghost towns for a few years. Sort of like the Bronx of the 70's.

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Mayor Bloomberg and Giuliani (along with who knows how many IA enablers) couldn't agree more ..

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