“Bellevue is a low cost alternative to the expensive Downtown housing market,” he explained. “The property's location, which is less than a mile from major interstate I-40 and only a short commute to downtown and West End, offers The Lexington's residents unparalleled access to the city, while still delivering a small-community feel, with excellent schools and plenty of shopping and recreation.”

Gillis added, “The Bellevue submarket has also maintained above-average occupancy rates in the high 90's, and has experienced explosive effective rent growth over the last two to three years.”

The Lexington Apartments has maintained an average occupancy rate of over 95% in the past three years—a major factor in Passco's decision to acquire the asset, according to Gillis.

Located at 510 Old Hickory Blvd., The Lexington Apartments community is situated 13 miles southwest of downtown Nashville. The property consists of 28 three-story buildings, comprised of one-, two- and three- bedroom units.

The Lexington community was developed in two phases in 1997 and 1999, and all of the units were then remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. 434 of the 598 units were renovated in this most recent round.

Passco plans to complete the renovations to the remaining 164 units, according to Gillis, who notes that upgrades will include adding wood-like vinyl flooring, as well as new kitchen backsplashes and lighting fixtures.

Vince Lefler of JLL's Nashville office facilitated the sale of The Lexington Apartments.

Passco Companies is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the US.