Located at
135 Brink Haven Ave., Madison Flats opened in 1959 and offers 154 units in multiple two-story buildings.
The new owner is 135 Brink Haven LLC, which is affiliated with New York-based JEM Holdings LLC.
The seller was Nashville-based Covenant Capital Group, which paid about $8.18 million in January 2018, according to Metro records. Covenant gave the property a major upgrade after the purchase, according to the Madison Flats website.
Covenant is known for acquiring apartment buildings, upgrading them and then selling. For example, in mid-2017 the company finalized a $27.3 million sale of 500 5th Avenue, a 170-unit modernist midrise apartment building located in downtown Nashville. Covenant gave that property a major overhaul prior to the sale (read more