NY-Based CapStack Getting Into Media Business With Nashville Publications Purchase
By Cathy Cunningham April 23, 2018 1:44 pm
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After acquiring a multifamily portfolio in Nashville, Tenn. in January for $36 million, New York City-based real estate investment firm CapStack Partners is increasing its Music City footprint and currently in contract to purchase three local publications: Nashville Scene, Nashville Post and NFocus, Commercial Observer has learned.
The deal—for an undisclosed price—is expected to close June 1, the acquisition further underscoring CapStack’s investment in Nashville as a hot-spot and growth market, sources said.
Officials at CapStack declined to confirm or comment.
Nashville Post is an online news service covering business, politics and sports in the Nashville metropolitan area; Nashville Scene is an alternative newsweekly print publication and NFocus is a monthly society magazine.
Nashville-based media company SouthComm is selling the three publications as part of a wider shedding of publishing assets. The Tennessean first reported that CapStack was in the lead to acquire the trio. Officials at SouthComm did not immediately respond to a request for comment.
CapStack’s January acquisition included three, two-story, garden-style apartment complexes: The Vistas apartments, a 205-unit, 159,000-square-foot property located at 5319 Nolensville Pike in Nashville; Fawnwood Apartments, a 158-unit, 139,000-square-foot complex at 321 Walton Lane in Madison, a suburb of metro-Nashville; and Archwood Meadows, a 112-unit, 116,000-square-foot complex, located at 110 Archwood Place in Madison.
The company plans to engage a multi-million dollar renovation and repositioning program for the three complexes to “unlock embedded value and cash flow opportunities,” according to a release from CapStack at the time of purchase.
