Cortland Partners Enters Nashville With $70M Acquisition
- Dec 27, 2017
Cortland Partners has acquired a recently built apartment community in Nashville, Tenn. The seller, Westplan Investors, finished construction and welcomed residents at the start of 2017. The sale price, according to Davidson County public records, was $69.6 million, averaging $216,000 per unit. This is Cortland’s first acquisition in the Nashville area. The property, formerly known as Accent Bellevue, has been rechristened as Cortland Bellevue.
Located at 645 Old Hickory Blvd., the property sits between Interstate 40 and the Charlotte Pike in southwestern Nashville, offering access to the city’s downtown area, less than 10 miles away. Retail options in the immediate area include a Sam’s Club and a Sonic Drive-In within a half mile. The community contains 322 rental units across 11 buildings. The occupancy rate in November 2017 was reported at 82.9 percent, according to Yardi Matrix. The property includes studios as well as one-, two- and three- bedroom units, and floor plans range from 640 to 1,362 square feet. Rental rates start at $1,225 for studios and climb to $1,950 per month for three-bedroom apartments. Amenities for residents include a salt-water pool, pet spa, on-site dry cleaning, a fitness center and a club room.
“Our acquisition of Accent Bellevue is a reflection of our aggressive growth in the southeastern U.S., home to many of the country’s fastest-growing markets,” said Jim Knight, director of investments at Cortland, in a prepared statement.
Last month, Cortland also acquired a 440-unit pet-friendly apartment community in Denver.
Image courtesy of Yardi Matrix