Trending Multifamily News
The JV closed on the acquisition of a 288-unit property just 40 minutes outside of the legendary country music capital
American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, announces that it has entered a joint venture partnership with BentallGreenOak (“BGO”), a global real estate investment management advisor, to acquire Vantage at Murfreesboro. Located in Murfreesboro, a suburb of Nashville, the newly built multifamily apartment community will be renamed The Edge.
This is American Landmark’s fifth apartment community in Tennessee and second joint venture acquisition with BentallGreenOak. In September of 2021, the JV acquired the Parc at Murfreesboro, a newly built 359-unit community in the same city.
“The population in Tennessee is at an all-time high, making a significant demand for high-quality apartments with a wide range of amenities,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “On top of this, the cost of living in this area is relatively low, making it a popular place for people to live, and there is a large cluster of healthcare companies in this city driving job growth.”
Built in 2020 and located at 3833 Manson Pike Road, the newly re-named multifamily apartment complex, The Edge, offers one-, two- and three-bedroom floor plans ranging from 605 to 1,150 square feet. Apartments feature 9-foot ceilings, wood-inspired flooring, all electric modern kitchens with sleek black Energy Star-rated appliances, an in-unit washer/dryer, a spacious private patio, walk-in closets and some units with large fenced-in yards.
The Edge is situated in a gated community and offers an array of resort-style amenities, including a swimming pool, barbeque and picnic area, 24-hour fitness studio, tech center that provides MAC and PC computers, media lounge with an internet café that serves Starbucks coffee and 24-hour emergency maintenance. This pet-friendly community also offers two dog parks, and a dog grooming station.
The property is conveniently located near Interstates 24 and 840, offering an easy 40-minute commute to downtown Nashville for various dining, shopping and arts venues.
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.