BC Properties Acquires Nashville Apartment for $57M
- Feb 13, 2014
Nashville—BC Properties has acquired the Lakes of Bellevue, a 624-unit apartment complex, for $57 million from Harbor Group International. The property is just off US 70S, southwest of downtown Nashville.
The property is surrounded by 125 acres of forests, landscaping and lakes. Common amenities include three resort-style pools, tennis courts, a car care center, a fitness center and a clubhouse. Unit amenities include fireplaces, built-in bookshelves, private patios and balconies, and vaulted ceilings.
Nashville has a strong apartment market, with occupancies that remain high despite considerable new supply, notes Colliers International’s fourth quarter report on the market. Nashville ended 2013 with an increase of 2,464 units, or 1.9 percent more than the end of 2012, and new supply is expected to increase by nearly 4,200 units this year, or 3.8 percent.
Even so, Colliers reports that occupancies marketwide were at 96 percent at the end of last year, unchanged from the third quarter of 2013, and well above the average for Southeastern U.S. metro areas of 94 percent (citing MPF data). Demand for apartments in metro Nashville is strong, fueled by job creation. As of November 2013, employers added 25,200 jobs for the year, making Nashville the sixth-strongest metro nationwide in terms of job growth.
Jones Lang LaSalle managing directors David Gutting and Derrick Bloom, along with senior vice president Vincent Lefler, brokered the sale of the Lakes of Bellevue. According to Lefler, the property is in Nashville’s “wealth corridor,” with “consistent in-place rent growth and value-add potential.”