This was the second transaction in three months for the $400 millionventure (“Venture II”). The portfolio includes Bellevue West, a 560-unit community located at 100 Ridgelake Parkway, in Nashvilleand Highlands at the Lake, a 278 unit community located at 100 Arbor Lake Boulevard in Hermitage, Tennessee. Both properties were built in 1986 and have very little deferred maintenance, which will allow for a highly accretive strategy to move upmarket with a high end interior unit renovation program.
“We are excited to be participating in the dynamic growth of the Nashville market with these two assets poised for transformative repositionings,” said David Nachman, a principal of Spirit Bascom Ventures.
The upgraded interior unit spec will rival new luxury product that incorporates the use of vinyl wood flooring, and modern kitchens and bathrooms featuring a name brand stainless steel appliance package and contemporary cabinet lighting and plumbing fixtures. Bellevue West, located in the highly desirable Bellevue submarket, is less than 15 minutes from both downtown Nashville/West End and the established suburban employment center of Brentwood. The local topography creates naturally high barriers to entry that has limited new supply.
Highlands at the Lake is located in the fast growing Hermitage submarket that benefits from its direct access to downtown Nashvilleand the airport corridor job center along Interstate 40. The property offers direct waterfront access to popular recreation activities at Percy Priest Lake.
“As new development pushes pricing higher we continue to see attractive opportunities to redevelop Class B properties our markets,” said Scott Zwilling, of Spirit Bascom Ventures.