Nashville, Tenn.—Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, together with funds managed by Oaktree Capital Management LP, have closed on a purchase of two multifamily assets totaling 838 units in the Nashville area for an unspecified price. The portfolio includes Bellevue West, a 560-unit community at 100 Ridgelake Parkway in Nashville, and Highlands at the Lake, a 278-unit community at 100 Arbor Lake Blvd. in Hermitage, Tenn.
Bellevue West, located in the upscale Bellevue submarket, benefits from local topography that creates naturally high barriers to entry. The asset is a low-density site with common amenities that include a resort-sized clubhouse, fitness center and pool deck.
Highlands at the Lake is located in the suburban Hermitage submarket. The property offers direct waterfront access to recreation activities at Percy Priest Lake. Hermitage has a stop along the Music City Star, the commuter rail service running between Nashville and Lebanon, Tenn.
Both properties were built in 1986 and have very little deferred maintenance which will allow for a strategy to move upmarket with a high-end interior unit renovation program, according to Bascom. The upgraded interior will incorporate the use of vinyl wood flooring, and kitchens and bathrooms featuring a name-brand stainless steel appliance packages.
Vincent Lefler of JLL represented the seller on the transaction, while Brian Eisendrath and Annie Rice of CBRE Capital Markets sourced debt financing for the deal. San Francisco-based ACORE Capital provided financing to acquire the portfolio.