News

Nashville, Tennessee – December 19, 2023 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased Peyton Stakes jointly with two third party family offices and discretionary affiliated investment vehicles. The property is a 249-unit Class A multifamily apartment community located at 1401 3rd Ave N. in Nashville, Tennessee, within the heart of the Nashville metropolitan area.

The property is located in Germantown, one of Nashville’s most vibrant and walkable neighborhoods, just north of downtown. Residents enjoy easy access to a wide range of local shops, restaurants, parks, and popular destinations such as the Nashville Farmers’ Market, all within walking distance. The area also offers excellent connectivity, with nearby bus stops served by WeGo Public Transit and convenient access to major roadways. The Riverfront Station, WeGo’s commuter rail hub, is located downtown and links the property to the broader transit network. Additionally, Nashville International Airport is approximately 10.5 miles away, or about a 15-minute drive. Being adjacent to downtown, tenants can access the concentration of office, government, and commercial employment in Nashville’s core. The tourism, hospitality, and entertainment sectors are strong within the city (concerts, events, dining, hotels) a regional economic engine. Nearby, large employers and institutions in downtown Nashville will be within commuting distance.

PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area.

Completed in 2017, Peyton Stakes consists of two five-story mid-rise apartment buildings, occupying a 4.48-acre site. Unit configurations include 18 studio units (7.2 percent), 183 one-bedroom units (73.5 percent), 44 two-bedroom units (17.7 percent) and 4 three-bedroom units (1.6 percent). Common amenities include a resort-style pool with sun deck, rooftop terrace, modern clubhouse with game room and billiards, fitness center, business center, pet spa, electric car charging stations, elevator access, and a fully equipped recording studio. Units features offer open-concept layouts with high ceilings, hardwood floors, large closets, private patios/balconies, and furnished options. Kitchens are outfitted with stainless steel appliances, granite countertops, subway tile backsplashes, microwaves, and dishwashers.

PRG believes significant upside exists by implementing a unit renovation program and improving common areas/amenities focusing on property aesthetics, adding semi-private work areas for residents that work from home, common area redesigns, new furniture in the pool and outdoor areas, landscaping, adding electric car charging stations and improvements to the dog park. PRG also plans to address various deferred maintenance items and facade repairs to ensure the wall assembly is warrantable for 20 years (property has received all permits and certificates of occupancy from the seller’s recent facade repairs).

About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 25-year old private equity real estate investment firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York City with investment and asset management personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class A and B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of June 30, 2025, PRG manages approximately $2.25 billion in gross real estate assets and approximately 10,000 apartment units across the U.S. PRG’s principals have on average nearly 30 years of successful experience in multiple investment cycles and an investment track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.