BH Management Drops $20M on Fourth Nashville Apartment Community; Triple Net Properties List 393KSF One Nashville Place
- Aug 13, 2014
By Eliza Theiss, Associate Editor
Des Moines, Iowa-based BH Management Services LLC has acquired yet another Nashville apartment community from real estate investment group Grover Corlew, paying $19.7 million, The Tennessean reports. The purchase of the 274-unit Antioch community brings BH’s Nashville portfolio to 1,038 units, after the company shelled out $51.2 million on three other metro Nashville communities formerly owned by Grover Corlew, as previously reported. In an echo of the previous three deals, Apartment Realty Advisors Scott Tyrone represented the seller, which retained management and ownership of one Nashville apartment, the 371-unit Overlook Estates.
Located at 149 Hickory Hollow Terrace, Abbington Heights features 274 one- and two-bedroom apartments of 608 to 1,046 square feet. Amenities include a resort style swimming pool, tennis and volleyball courts, barbecue and picnic area, cardio fitness center and controlled access.
In other news, One Nashville Place, downtown Nashville’s eight largest office high-rise has been put on the market by owner Triple Net Properties, the Nashville Business Journal reports. Referred to as the R2D2 building due to its resemblance to the beloved Star Wars character, the 393,328-square-foot downtown office high-rise is being marketed for sale by CBRE Inc.’s Nashville and Atlanta offices. Leasing is also handled by CBRE’s local offices, however at a 99.5 occupancy rate, available space is scarce in One Nashville Place. Located at 150 North Avenue North, the 25-story R2D2 building was completed in 1986.
Triple Net Properties, a California-based REIT, bought the trophy office tower in 2005 for $80 million from TIAA-CREF.
One Nashville Place is the latest Nashville office high-rise to hit the market after Fifth Third Center and Palmer Plaza (details here).
Images courtesy of Abbington Heights via Facebook and Kaldari via Wikimedia Commons