Best-In-Class Asset: New ownership will have the opportunity to acquire one of the premier Class A apartment communities in Gallatin based on Chandler Park and Preserve at Chandler Park’s outstanding asset quality and location.
Highly Ranked Schools: Chandler Park & Preserve at Chandler Park are zoned for Station Camp Elementary, Middle, and High- all of which are rated 8 or 9 out of 10 by greatschools.org
Attractive Assumable Debt: New ownership has the option to assume the attractive existing debt on either or both phases. Chandler Park has a Fannie Mae loan in the amount of $52.4 million with an interest rate of 3.53% that is interest only through April of 2024 and that matures in 2031. Preserve at Chandler Park has a 35 year fully-amortizing HUD loan that was originated in July 2023 at an interest rate of 5.39% with an original loan amount of $18,514,700.
Loss-To-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $106 per unit more than in-place leases.
Great Unit Mix: Chandler Park & Preserve at Chandler Park offer investors a great unit mix with over 71% 2 bed and 3 bed units. The average floorplan at the properties is 1,046 SF.
Organic Rent Growth Opportunity: Current rents at Chandler & Preserve at Chandler Park are $100-$200 below market value. New ownership will have the opportunity to increase NOI by raising rents on renewals and new leases.
Strong Market Fundamentals: Over the next five years, average asking rents in Gallatin are expected to grow 12.6% while the vacancy factor is expected to stay below 8%. Additionally, Gallatin and other submarkets outside of Downtown have shown rent growth over the past year, while submarkets closer to downtown have been in decline.
Apartment Supply as Percentage of Population: Like many submarkets in the Nashville MSA, Gallatin has experienced tremendous population growth, which has spurred additional multifamily development. As a percentage of its population, Gallatin’s supply of existing apartment units plus additional units under construction is keeping in line with its peer submarkets.
Unmatched Amenities Package: Chandler Park & Preserve at Chandler Park offer Gallatin’s premier amenities package, including: a resort style saltwater pool, sunning deck, community fireplace, grilling stations, 24-hour fitness center, hydromassage therapy, tanning bed, car care center, massive dog park, pet spa, storage units, detached garages, washer/dryer in units, ample closet space, granite countertops, wood-style vinyl-flooring, electronic front door locks, and stainless-steel appliances.
Proximity To Demand Drivers: Chandler Park is centered around a variety of major demand drivers and recent job announcements.
$1B Meta Investment: Meta recently invested $1B in a 1 million SF campus in Gallatin that covers over 900 acres. The site will support 100+ operational jobs in addition to 1,700 ancillary jobs being created throughout the construction process.
Major Gap Expansion: Gap has invested $124.7 million in Gallatin over the past decade, most recently investing $83 million in additional funding to expand operations. The expansion added 600 additional jobs and brings the total in the city to 1,571 jobs.
Groundbreaking Developments Nearby: Nexus Tennessee is a 655 acre, $2B project coming to Gallatin that will include 240 single-family residences, 254 townhomes, 106 villa lots, 726 single-family lots, and 5 estate lots. The project will have 109 acres devoted to a business park and 124 acres for other office, retail, medical, and hotel space. Furthermore, Music City Studios just announced a $100 million investment in a 47-acre creative campus for a variety of artists that will act as a think-tank. The announcement will create 800 jobs as well.
Sumner County Major Employers: Sumner County has grown tremendously recently, as the city has seen population growth of 28.84% since 2010. The area is home to many major employers, including 8 employing over 500 people.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Chandler Park") located in Gallatin, Tennessee.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Gallatin, Tennessee and known as Chandler Park (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: