Hamilton Zanze has expanded its Nashville, Tenn., holdings, making its first multifamily acquisition in the region for 2020. The purchase of the 270-unit Springfield Apartments in Murfreesboro, Tenn., is the fourth property the company owns and operates in the Nashville market.
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The company’s affiliate company, Mission Rock Residential, will act as property manager. The apartment community at 3726 Manson Pike has one-, two- and three-bedroom floorplans averaging 1,013 square feet in space. Located on 17.5 acres, the property has 16 two- and three-story buildings. Built in 2018 by Bonavic Development, the property was 97 percent occupied at the time of purchase. Rents in 2019 ranged from $1,074 to $2,057 with an average of $1,375, according to Yardi Matrix data.
Unit amenities include smart home technology, private balconies, extra-large closets, above-standard ceiling heights and washer/dryers in all apartments. Community features include a dog park, gaming, saltwater pool, hammock garden, clubhouse, community room, entertainment pub and fitness center.
The property is located 30 miles from downtown Nashville, home to numerous music venues, the state Capitol, nightlife, major employers and professional sports venues.
David Nelson, managing director of acquisitions for Hamilton Zanze, said Springfield Apartments provided an excellent opportunity to buy a newly built property in a great Nashville submarket.
“We like Nashville for several reasons: demand continues to outpace supply, job growth is strong, friendly business environment, relatively affordable cost of living and doing business, and lastly, the quality of life in the area continues to attract a talented and educated workforce,” Nelson told Multi-Housing News. “We will absolutely continue to seek opportunities in Nashville going forward.”
Springfield Apartments is the company’s fourth acquisition in less than a year in the Nashville area. In October, Hamilton Zanze acquired Rivertop Apartments, a newly developed 224-unit luxury apartment community near downtown. The purchase was made in a joint venture with Cantor Fitzgerald, marking the second co-investment by the firms in the market.
Hamilton Zanze entered the Nashville market in April 2019 with two purchases—the 326-unit 864 Bellevue and 150-unit Post Ridge Apartments. Hamilton Zanze and Cantor Fitzgerald purchased 865 Bellevue together from Aimco. Hamilton Zanze teamed with two private investors to purchase Post Ridge Apartments, also from Aimco.