NY-Based CapStack Getting Into Media Business With Nashville Publications Purchase

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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.

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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.