Miami Investors Take Foothold in Hermitage Medical Corridor
- May 27, 2015
By Eliza Theiss, Associate Editor
BC Property Investments LLC (BC Property) continues to expand its Nashville holdings, having purchased its third apartment asset in two years. According to The Tennessean, the Miami-based real estate investment firm dropped $86.5 million on the 627-unit Cherry Creek Apartments in Hermitage, TN. BC Property picked up Cherry Creek from Norfolk, Va.-based private real estate investment and management firm Harbor Group International. JLL’s Vincent Lefler represented the seller, while Southeast Venture’s Tarek El Gammal represented the buyer. Southeast Venture also represented BC Property in the $44 million acquisition of the 468-unit Viera Cool Springs Apartments from Covenant Capital Group.
Cherry Creek is not the first Nashville apartment community BC Property purchased from Harbor Group. According to The Tennessean, BC Property’s third Nashville apartment asset, the 624-unit Lakes of Bellevue, was also bought from Harbor Group, trading for $57 million.
Built in three phases between 1985 and 1999, Cherry Creek Apartments occupies 52.84 acres at the core of the Hermitage medical corridor, sitting directly across from the 188-bed Summit Medical Center. Amenities include three swimming pools, two lighted tennis courts, an indoor racquetball court, sand volleyball court, tanning booth, clubhouse laundry facility, picnic area and walking trails. The average unit size clocks in at 1,010 square feet. Cherry Creek features 2.05 parking spaces per unit for a total of 1,185 surfaces parking spaces and 100 detached garages.
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Image credits: Southeast Venture and Harbor Group International