American Landmark JV Buys Nashville Property
This marks the firm's second purchase with BentallGreenOak in the city.
American Landmark Apartments has entered a joint venture with BentallGreenOak (BGO) to acquire a 288-unit property in the Nashville suburb of Murfreesboro, Tenn. The community, Vantage at Murfreesboro, is a three-story asset featuring 13 buildings of frame construction on about 32 acres. It is being rebranded as The Edge and was sold by Vantage Communities.
With an address at 3833 Manson Pike Road, The Edge features one-, two- and three-bedroom apartments. Units range from 605 to 1,150 square feet in size. Features and finishes include Energy Star-rated black appliances, wood-inspired flooring, 9-foot-high ceilings, private patios and with some apartments, large fenced-in yards. A tech center providing Apple Macs and PCs is among the notable common-area amenities.
This is American Landmark’s fifth Tennessee apartment community. It is its second joint venture with BGO, following its acquisition of Parc at Murfreesboro in the same city.
In a prepared statement, an American Landmark Apartments official said the population of Tennessee has notched a record high, resulting in substantial demand for amenity-rich, high-quality apartment homes. As well, healthcare industry employers have lured newcomers to the Nashville metro, where the cost of living is comparatively low. These factors have all contributed to making metropolitan Nashville a popular place to live.
The location of The Edge is proximate to both I-24 and I-840. Both arteries can speed residents in 40 minutes to downtown Nashville. There they can not only access job hubs but a broad variety of restaurants, retail establishments and art galleries. Three colleges are situated 16 to 34 minutes from the apartment community, while two retail centers are within a five-minute drive. Stones River National Battlefield, Tennessee Civil War National Heritage Area, Discovery Center and Oaklands Historic House Museum are among the area attractions, all reachable by car within 9 to 12 minutes.
Three months ago, two multifamily executives discussed the challenges and upsides facing Nashville.