186-Unit Apartment Community Trades in Metro Nashville
- May 15, 2013
By Eliza Theiss, Associate Editor
Greensboro, NC-based Bell Partners Inc., the seventh largest apartment operator in the United States, has announced the acquisition of Grove Franklin Apartments, a 186-unit apartment community in Nashville’s suburb of Franklin, TN.
The property, aptly renamed Bell Franklin Gateway, is located at 1116 Davenport Blvd, at the intersection of Franklin Road and Moores Lane, at the gateway between Brentwood and Franklin, two of the most prosperous suburbs of Nashville. The 186-unit property is comprised of one-, two- and three-bedroom apartments. The fully leased community features amenities such as a 24-hour fitness center, resort-style swimming pool, designated picnic area complete with fire pit and grills, clubroom with complimentary Wi-Fi, business center and internet café, executive conference room, expansive lawn areas as well as storage space and garages. All units feature finishes such as granite countertops, tiled backsplash, stainless steel and black appliances, washer and dryer, a patio or balcony. The townhomes of Bell Franklin Gateway also feature a two-car attached garage and hardwood floors, with some units boasting walk-in showers, Juliet balconies and garden tubs. Units range in size from 672 to 1,619 square feet. The community is within walking distance of Gateway Village, the prestigious Brentwood High School and Middle School, and the Franklin/Cool Springs employment hub.
The Nashville Business Journal reported a $35 million sale price for the property (or about $188,000 per unit), which Bell purchased from SWH Residential, LLC.
To date Bell Partners has invested over $112 million in apartment properties, including its most recent acquisition of Bell Franklin Gateway. The company recently completed the $200 million final close of Bell Apartments Fund IV. The company now owns or operates 248 apartment assets, totaling upwards of 69,000 units.
Photo courtesy of Bell Partners
Chart courtesy of CBRE