Praedium Group Acquires Nashville Community
The investment firm purchased Novel Bellevue, part of the newly opened, 1 million-square-foot One Bellevue Place mixed-use development. The seller was Crescent Communities.
The Praedium Group has acquired a 337-unit multifamily community in Nashville, Tenn., from seller Crescent Communities. Novel Bellevue is within the recently opened One Bellevue Place lifestyle center, which offers residents 1 million square feet of walkable retail, dining and entertainment options. The complex will also serve as the future home of the Nashville Predators Sports Center, an indoor ice-skating facility.
Built in 2018, Novel Bellevue consists of one-, two- and three-bedroom apartment units with an average of 1,020 square feet. Unit interiors feature granite countertops, stainless steel appliances, hardwood-style flooring and full-size washer/dryers. Community amenities include a clubhouse, swimming pool, two-story fitness center, fire pit, and a dog park.
“We believe Novel Bellevue’s profile is consistent with our investment strategy of targeting quality multifamily assets in growth markets with connectivity to major employment and lifestyle drivers,” said Kelsey Durels of The Praedium Group, in prepared remarks. “Nashville has ranked among the strongest markets for job and population growth over the last five years, and is projected to continue to display strong growth during our projected hold.”
Last month, The Praedium Group expanded its footprint in Jacksonville, Fla. with the acquisition of a 246-unit community for $46.7 million.
Image courtesy of The Praedium Group