Continental Realty Acquires $47M TN Community
The purchase was made on behalf of Continental Realty Fund IV LP. This represents the fifth residential community and ninth asset purchased by the fund, as well as the first in Tennessee.
By IvyLee Rosario
Bell Murfreesboro
Continental Realty Corp. acquired the Bell Murfreesboro community in Murfreesboro, Tenn., for $47.3 million from Bell Partners Inc. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented the seller. The 320-unit apartment community was purchased on behalf of Continental Realty Fund IV LP, which focuses on acquisitions of value-add retail and multifamily properties across the Mid-Atlantic and Southeast regions. This represents the fifth residential community and ninth asset purchased by the Fund, as well as the first in Tennessee.
“Located near Nashville, Bell Murfreesboro satisfied each important fundamental we seek including the presence of a rapidly expanding population, sustained job growth over an extended period, the influx of new and expanding businesses, and the presence of retail shopping venues within close proximity,” said J.M. Schapiro, chief executive officer of Continental Realty Corp. “In 2016, the Murfreesboro submarket featured the fifth highest job growth in the country, and the city population has been growing by 10 percent during the past five years, according to the U.S. Bureau of Labor Statistics.”
Located at 3920 Puckett Creek Crossing, the community comprises 38 three-story buildings across 16.4 acres. The units feature one-, two- and three-bedroom floorplans ranging from 499 to 1,499 square feet. Interior features include front and side porches, built-in entertainment nooks, washers and dryers, ceramic tile in the kitchen and foyers, nine-foot ceilings, natural lighting, fireplaces, dining areas and breakfast bars, oversized garden tubs and a gourmet kitchen with a pantry. Residents have access to amenities such as a waterscape, fitness center, business center, volleyball court, playground, clubhouse, pool, recreational area, one- or two-car garages and 450 parking spaces. The apartments feature a single-family home design with individual entrances, which provides direct access to the units and garage areas, without the need for a breezeway. Completed in 2007, Bell Murfreesboro is currently at a 97 percent occupancy rate, according to Yardi Matrix.
“The greater Nashville, Tenn. market has been a target for a value-add acquisition for quite some time, as our team recognized the tremendous pace of population growth and job expansion occurring in the marketplace,” Schapiro told Multi-Housing News. “In Bell Murfreesboro, we acquired a unique single-family home design community with direct first floor access and proximity to highly-rated public schools which will position the property to sustain the upward momentum of the strong submarket fundamentals. We intend to rebrand the property as part of a value-add business plan to enhance the common area amenities and interior units.”
The property is located 35 miles Southeast of Nashville with direct access to Interstate 24. Employers located near the apartment community include Middle Tennessee State University, Rutherford County Government, Nissan North America and the State Farm Insurance Co.
Image courtesy of Yardi Matrix
