(To read more on the multifamily market, click here.)
NASHVILLE-Harbor Group International, of Virginia, has paid $41.1 million for the Lakes of Bellevue. Capri Capital was the seller of the 624-unit multifamily property.
Currently a rental property, Harbor Group has no plans to convert the Lakes at Bellevue to condominiums, a spokeswoman for Apartment Realty Advisors tells GlobeSt.com. Derrick Bloom, Sean Henry, John Weber and Vince Lefler, of ARA's Atlanta office, brokered the deal for Capri.
The 94%-occupied property was on the market for six weeks and drew a lot of interest, according to ARA, because the city's solid economics and apartment fundamentals are attracting institutional investors looking to balance their portfolios. Nashville also offers higher yields than primary markets, the spokeswoman adds.
"Nashville's solid market fundamentals are beginning to catch the attention of investors nationally who are seeking income growth, cap rates in the 5.5 to 6.5 range and asset appreciation," Lefler explains in a statement. "Not surprisingly, the market has experienced three consecutive quarters of increased multifamily transactions and, in fact, first quarter 2006 sales volume was more than 50 % of the previous year's total annual sales."
The Lakes of Bellevue is located in 12.5 acres that feature three stocked lakes. It is off US 70, and in close proximity to Interstate 40 and Old Hickory Road. The property consists of one-, two- and three-bedroom apartments with washer/dryer connections, walk-in closets, vaulted ceilings and fireplaces. Community amenities include three swimming pools, a fitness center, lighted tennis courts and a car care center.
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