Dobbins Group Sells New Development Near Nashville
- Jan 30, 2017
Nashville, Tenn.–Having constructed and leased the Class A asset Creekside at Providence near Nashville, Tenn., multifamily investment firm Dobbins Group LLC has now sold the 209-unit multifamily property. The apartment community, located in metro Nashville’s Mt. Juliet submarket, was completed last year, and sold for $42.2 million, or $201,914 per unit.
Residences at Creekside at Providence are housed in two-story buildings with integrated garages. They average 1,077 square feet in size. The amenity package includes a clubhouse, fitness center, swimming pool, playground, outdoor cooking areas and a walking trail.
Within walking distance is more than 1 million square feet of retail space. That commercial square footage accommodates more than 20 eateries, as well as the Regal Cinemas Providence 14 and Publix and Kroger supermarkets.
Located within a gated community, Creekside at Providence is 20 minutes east of downtown Nashville. The apartment community is situated near the Music City Star railway, affording residents quick, convenient access to the six stops along the rail line including the terminuses at Nashville’s riverfront and Lebanon, Tenn.
Creekside at Providence gives residents close proximity to a variety of outdoor park and recreation areas, including Long Hunter State Park, Cedars of Lebanon State Park, Suggs Creek Public Use Area, Poole Knobs Recreation Area and Pine Creek Golf Course.
“When we set out to develop Creekside, we believed that the excellent location, favorable demographics and quality of our property would result in a great investment,” said Bill Dobbins, founder & principal for Birmingham, Ala.-based Dobbins Group. “As construction was completed in spring, 2016, we were pleasantly surprised that rental rates exceeded our initial projections. Now with the sale of Creekside, I am very proud of the job our team did from concept to sale in less than three years.”