BH Management Buys 764 Nashville Apartments for $52M
- Jul 30, 2014
BH Management Services, LLC (BH) has entered the Tennessee market with its takeover of three metro Nashville apartment communities featuring between 200 and 300 units and amenities such as swimming pools, fitness centers and sports courts. According to The Des Moines Register, BH paid a total of $51.2 million for the 764-unit portfolio to former owner Grover Corlew, a real estate investment management group.
The largest of the three assets, the 300-unit Beechwood Terrace, cost $21.4 million. Located in Antioch, TN, 15 miles from downtown Nashville, the community features one-, two- and three-bedroom apartments complete with private patios or balconies, wood burning fireplaces, oversized closets, dishwashers and refrigerators. Units start at 700 square feet and the largest is 1,188 square feet. Beechwood Terrace also features a resort style swimming pool, fitness center, business center, clubhouse, tennis courts, playground area, laundry facility and access to public transportation.
The 244-unit Willow Grove in Nashville was purchased for $13.75 million, according to The Des Moines Register. It features a nine-foot outdoor swimming pool, brand new fitness center, 14-hour laundry center and playground area. The community offers studio, one-, two- and three-bedroom units ranging between 500 square feet and 1,395 square feet.
Purchased for $16 million, the 220-unit Woodbridge Apartments boasts amenities such as fitness center, sports courts, volleyball court, barbecue and picnic area, playground area, laundry facility and on-site management. The community comprises one-, two- and three-bedroom units starting at 824 square feet and reaching 1,600 square feet.
Image courtesy of Beechwood Terrace via Facebook