Nashville Community Changes Hands for $57M
- Apr 04, 2019
Aimco has sold the 865 Bellevue Apartments, a 326-unit Class B community in Nashville, Tenn., for $56.7 million, according to public records. The buyer, a joint venture between Hamilton Zanze and Cantor Fitzgerald, received $36.8 million in Fannie Mae acquisition financing from KeyBank.
Last spring, the same partnership teamed up in the $60 million purchase of a 426-unit asset in Las Vegas, their first joint venture acquisition. In August, the firms also bought a similarly sized community for $100 million near Baltimore, according to Yardi Matrix.
Located in Nashville’s Bellevue submarket at 865 Bellevue Road, the property’s 20 buildings are situated roughly 15 miles southwest of downtown. The community is a stone’s throw from a variety of shopping and dining options alongside Interstate 40. A bus route operates in the immediate area, linking the property to the wider metro.
The community contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 655 to 1,603 square feet. Amenities include a swimming pool, volleyball court, fitness center, dog park, business center and yoga studio. In February, the property was 94.2 percent occupied, per Yardi Matrix data.