Bell Partners has sold Bell Franklin Gateway, a 214-unit community located 15 miles south of Nashville, Tenn., for $53.1 million, according to Yardi Matrix. CBRE Capital Markets provided the buyer, IMT Capital, with a seven-year, $33.9 million Freddie Mac acquisition loan. The new owner has rebranded the asset as IMT Franklin Gateway.
Russell Oldham, Brett Kingman and Steve Massey of CBRE acted on behalf of Bell Partners in the sale. The same team recently closed the sale of a 364-unit property northeast of Nashville for $55 million.
Located at 1116 Davenport Blvd. in Franklin, Tenn., the property is situated alongside the Franklin Road retail corridor, with Interstate 65 a mile and a half to the east. Constructed in 2010, the garden-style community is comprised of 13 three-story buildings.
The property contains one- to three-bedroom apartments, with floorplans ranging from 672 to 1,619 square feet. Amenities include a fitness center, a swimming pool, a business center and a playground. The asset includes around 280 parking spaces, with garages available for an extra fee. In September, the community was 93.5 percent occupied, per Yardi Matrix data.
“The employment growth, phenomenal public schools and high-quality demographics have shaped the Franklin area into one of the most desirable submarkets in the country for multifamily investment,” said Russ Oldham, executive vice president at CBRE, in a prepared statement. “Bell Franklin Gateway … is well-positioned for additional upside opportunities over the coming years.”
Image courtesy of CBRE