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Dec. 20, 2013

Bluestone Properties and Harbor Group International Pay $92.1M for Nashville Apartments

By Eliza Theiss, Associate Editor

Hickory Point at Brentwood

Hickory Point at Brentwood, a 298-unit apartment community located in the Brentwood suburb of Nashville, has been purchased by Nashville Hickory Point LLC for $35.1 million, reports the Nashville Business Journal.  The community’s official Facebook page also announced the sale, identifying Bluestone Properties as the new owner and manager of Hickory Point. The 24.95-acre complex was acquired from Park Nashville Partners LLC. According to PropertyShark.com data, Hickory Point had a 2013 market value just short of $25.1 million. The previous owner, a Baton Rouge, La-based company, purchased the 15180 Old Hickory Blvd site in 2004 for $1.5 million, while the 24-building, 30,393-square foot apartment complex was developed in 2006.

The low-rise gated apartment community features amenities such as a fitness center, pool, spa/hot tub, basketball court, recreation room, clubhouse, covered parking, business center, laundry facilities and onsite maintenance and management. Unit amenities include washer/dryer, dishwasher, refrigerator, microwave, air conditioning, large closets, patio/balcony and extra storage. Hickory Point at Brentwood comprises one-, two- and three-bedroom units ranging between 660 square feet and 1,219 square feet.

In other residential news, Harbor Group International, LLC (HGI) announced the sale of the 624-unit Lakes of Bellevue apartment community to Lakes of Bellevue Holdings, LLC for $57 million. Originally built between 1986 and 1987 and expanded in 1996, the asset was purchased by HGI in 2006 for $41 million and underwent a $1.4 million value-add renovation.

Lakes of Bellevue comprises one-, two- and three-bedroom units averaging 732 square feet in size. The 96-percent occupied community boasts amenities such as 1,033 parking spaces, three swimming pools, heated spa, two lighted tennis courts, car care center, playground and laundry facility.

Lakes of Bellevue’s 96 percent occupancy rate is slightly below the West Nashville occupancy rate of 97.2 percent reported by Colliers International for 2013’s third quarter, the second highest in the entire metro Nashville market. Nashville’s overall 96 percent occupancy rate is the highest since the third quarter of 2007 and is expected to reach 96.7 by year-end and dip to 95.2 percent within a year’s time due to new projects hitting the market. The third quarter closed with 19 developments under construction, totaling 4,343 units.

Image courtesy of Hickory Point at Brentwood via Facebook

Chart courtesy of Colliers International

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