Nashville's got a new national reputation as a place to invest, attracting West Coast buyers for its properties. Champion Real Estate Co SVP Parker Champion of LA tells us investors are following the influx of people.
"Nashville continues to draw folks from all life stages," Parker says. Students, young professionals, families and empty nesters all come because of great job growth, high affordability and livability—and the great entertainment scene. "Of importance to us at Champion from an investment standpoint, the city has all sorts of cool and trendy pockets." Recently the company acquired the 82-unit Village Green Hills Apartments for more than $22M (pictured below).
Parker's snapped with his nieces, who live in Nashville with his sister, taken in front of the Starbucks in Green Hills near the property his company just bought.
"These are the types of locations that we continue to seek, since they're where renters want to be," Parker adds. Champion's no newcomer to the market. The company owns six multifamily properties consisting of nearly 200 rental units in the region, ranging from entry-level studios and student housing to high-end townhomes.
Orange County-based Passco Cos also is betting big on Nashville multifamily, with the acquisition of The Overlook (pictured), a 452-unit apartment property at 727 Bell Rd, for more than $51M. Passco VP of acquisitions Colin Gillis tells us a value-add property like this will allow the company to drive value both in the short term and the long term. The property (Passco's second in Nashville) has consistently high occupancy and is well-maintained, he adds, but hasn't been updated since its completion in 1998.
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