Nashville, Tenn. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Verse on Bell, a 336-unit garden-style asset in Antioch to be renamed Lyric on Bell. The acquisition punctuates American Landmark’s re-entry into the Tennessee multifamily market, following historically successful multifamily investments in the state. The property was 95 percent occupied at the time of purchase.
American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 23 property acquisitions worth $1.4 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.
The firm plans to implement approximately $3.72 million in interior and exterior capital improvements throughout the property. Unit enhancements will include new kitchen cabinet doors, tile backsplash, spray kitchen countertops, washer/dryer, electronic key fobs, and USB chargers. Community upgrades will include a package locker system and clubhouse renovations.
“Nashville is experiencing a continuous revitalization in employment, with over 1 million payrolls for the first time and the 2.7 percent unemployment rate essentially indicating full employment,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With financial and manufacturing activities continuing to supplement the area’s labor market, the variety of jobs helped make the decision of returning to the Tennessee market an easy one.”
“Our acquisition strategy entails having a long-term vision for areas we make investments in,” added Joe Lubeck, CEO of American Landmark. “With Amazon bringing a new Center of Excellence for its Operations business that will create 5,000 jobs, Nashville is a dynamic city that promises steady growth, supplementing its multifamily market in the process.”
Verse on Bell features one-, two-, and three-bedroom units. Unit amenities include dishwasher, range, pantry, fireplace, walk-in closets, black appliances, plank flooring, and balcony/patio. Community amenities include a clubhouse with business center, 24-hour fitness center, two resort style pools, a dog park, two lighted tennis courts, and picnic/recreation areas.
Located at 455 Arbor Place, Verse on Bell is located near important transit routes and employment hubs. Located less than five minutes away from Interstate 24, Verse on Bell is about 20 minutes away from Downtown Nashville, surrounded by major employers including Vanderbilt University, Nissan Stadium, Bridgestone Arena, Saint Thomas Midtown Hospital, and Adventure Science Center, among others.
