Original story in Nashville Post
Nashville-based real estate investor Bruce McNeilage, through his Kennesaw, Georgia-based Kinloch Partners and affiliated companies, has completed the sale of 34 2017-constructed rental houses located in Paulding County, Georgia, to a private equity fund located in California.
Kinloch Partners did not disclose the name of the buyer or the sales price in the release. But a source with information about the deal and who asked to go unnamed said the price was about $6.87 million.
In addition, McNeilage announced that his company is diversifying into building and developing subdivisions comprising exclusively new rental houses. Its first community will be located in Fairview, Tennessee, and the second will be in Murfreesboro.
“We expect these rental communities to offer houses and amenities that have not been offered in the Southeast,” he said in the release.
Billed as “affordable,” the rental houses will offer four bedrooms and two and a half baths with hardwood floors, granite counters in both the kitchen and master bath as well as stainless steel appliances.
“Through Kinloch Partners, I’ve made it part of our mission to provide affordable housing in Nashville and Atlanta,” McNeilage said. “The ‘Housing Nashville’ report is a wake-up call to real estate professionals, developers, government officials and Nashville residents. Atlanta, Greenville/Spartanburg and Raleigh are the other cities we serve and these cities have similar issues.
“We simply need to do more to provide affordable housing options, and everyone in the real estate business needs to do something to contribute to this effort,” he added.