Nashville, Tenn.—A portfolio of two apartment properties in metro Nashville has sold for $93.5 million. The sale was completed on behalf of Arenda Capital Management by Spirit Investment; the buyer was Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, together with funds managed by Oaktree Capital Management.
The portfolio consists of Bellevue West and Highlands at the Lake, which together total 838 units. The 560-unit Bellevue West is located in Bellevue, an upscale district near the West End Ave. corporate and medical corridor. The asset is a low-density site with common amenities that include a resort-sized clubhouse, fitness center and pool deck.
Highland at the Lake features 278 units in the suburb of Hermitage, and is near Percy Priest Lake, Nashville’s largest recreational lake. Both properties were built in 1986 and according to the buyer, have very little deferred maintenance, which will allow for a value-add strategy to move upmarket with interior unit renovation program.
JLL senior vice president Vince Lefler and managing directors Derrick Bloom and David Gutting brokered the deal. “The portfolio received a lot of attention,” said Lefler. “It provided an entry to a high barrier-to-entry market.”
Debt financing for the deal was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. San Francisco-based ACORE Capital, a commercial real estate finance company, provided financing to acquire the portfolio.
