PASSCO COMPANIES ACQUIRES 598-UNIT CLASS-A MULTIFAMILY COMMUNITY IN NASHVILLE FOR $93.5 MILLION
NASHVILLE, TN. – August 12, 2015 – (RealEstateRama) — Passco Companies, LLC has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, Tennessee for $93.5 million, according to Colin Gillis, Passco Companies’ Director of Acquisitions, Southeast.
“Nashville is one of the fastest growing cities in the country, boasting population and job growth numbers that have outperformed the national average each year post-recession,” explained Gillis. “The Lexington Apartments is a solid acquisition for Passco.”
According to Gillis, the Nashville market is directly aligned with Passco’s current acquisition strategy, through which the company focuses on identifying markets that are poised for significant growth.
The Lexington is located in Bellevue, one of the most attractive submarkets of Nashville, Gillis added, and the closest submarket to the area’s vast urban employment centers.
“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 percent in the past three years – a major factor in Passco’s decision to acquire the asset, according to Gillis.
Located at 510 Old Hickory Boulevard, 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 oversized units include nine-foot ceilings, double vanity sinks, garden tubs, bay windows, decks/patios, as well as in-unit washer and dryers in select units. The property also features ample community amenities, including an indoor swimming pool, three outdoor pools, a fitness center, clubhouse, tennis courts, tanning beds, java bar and an outdoor grilling area.
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.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.
For more than 15 years, Passco has delivered sound investment strategies to clients and partners, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.
Headquartered in Irvine, California, Passco holds a diverse cross section of prime retail, multi-family, office and industrial properties nationwide, and has acquired, managed, and/or developed over $3 billion in property since its inception. The company is currently involved with 60 properties in 18 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation. More information is available at www.passco.com.
Contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
CRandel (at) browermillercole (dot) com
