The JV closed on the acquisition of a new 359-unit property in the Nashville metro area
American Landmark, one of the fastest-growing multifamily owner-operators in the country, announced today that it has entered into a joint venture partnership with BentallGreenOak (“BGO”), a global real estate investment management advisor, to acquire Parc at Murfreesboro. Located in the sought-after Murfreesboro suburb of Nashville, Tennessee, the newly built 359-unit asset was acquired off-market and closed on August 26th, 2021.
“We are delighted to partner with BGO, a global leader in real estate investment management with deep capital sources and expertise in all facets of real estate investment,” said Joe Lubeck, CEO of American Landmark Apartments. “Our companies share many values in common, most importantly a highly disciplined approach to investing and an emphasis on resident satisfaction and outstanding customer service.”
“We are excited to begin this partnership with an exceptional off-market acquisition in suburban Nashville. American Landmark is known as a premier sponsor and operator in the Sunbelt multifamily space and this transaction marks the first step in growing our relationship with them,” added Kevin Rivest, Managing Director of Investments at BGO.
Located at 3237 Memorial Drive, Parc at Murfreesboro was completed in 2021 and offers one-, two- and three-bedroom floor plans with top-of-the-line unit features, including luxurious gourmet kitchens with granite countertops, shaker cabinets with brushed nickel pulls, and Whirlpool stainless street appliances. Each apartment home also has its own washer/dryer, wood-style flooring, and smart home thermostats, door locks and lighting fixtures. Community amenities include a resort-style swimming pool with cabanas and a fire pit; fitness center with virtual fitness training; a yoga lawn/zen area; electric vehicle charging stations; a well-appointed pet park and dog wash station; and detached garages are available.
American Landmark’s property management team will assume responsibility for successful lease-up and stabilization of the property, and will implement additional improvements including landscape beautification, designer clubhouse and pool deck furniture, and smart locks throughout the common areas.
Ranked the among the top 20 highest job growth cities in the U.S. by the U.S. Census Bureau, Murfreesboro boasts top schools, strong demographics and access to top employers. Average median household income within one mile is $106,991, while median home value is $324,000. Parc at Murfreesboro has immediate access to major highways providing ease of commute to Smyrna and downtown Nashville.