Below Market Rents: Dawn Villa & East Lake sit $300+ below market rent of nearby comps allowing new ownership the potential to increase NOI through rent increases.
Interior Value-Add: New ownership will have the opportunity to add value to the property by updating the interiors, such as new flooring, counters, appliances, painted cabinets, and re-tiling bathrooms.
Amenities Value-Add: East Lake sits on about 6 acres and has ample space for new ownership to add value to the property by adding amenities, such as a pool, dog park, playground, grilling/pergola area, or fire pit/lounge area.
Generationally Owned Asset: Dawn Villa & East Lake has been owned by the same family for 10+ years with an emphasis on keeping occupancy high, rarely dropping below 90%.
Additional Land To Develop: East Lake sits on about 6 acres that has been zoned for multifamily use with up to 120 units. There are currently only 61 units on the property. New ownership has the ability to come in and develop an additional 59 units.
Nearby Demand Drivers: Dawn Villa & East Lake provide convenient access to nearby demand drivers, including:
Renters On The Rise: Since 2019, the average home price in Nashville has gone up 48%, making more expensive for residents of Nashville to own a home. As a result, many individuals are opting to rent instead of purchasing a home.
$2.8 Billion Airport Expansion: Nashville International Airport is in progress on 2 separate $1.4 billion expansion plans. The renovations will include more parking, larger baggage claim and ticketing areas, an expanded concourse, new international facilities, and a hotel. By the end of 2023, BNA passenger traffic will grow from 18 million to more than 23 million.
$1.2 Billion Oracle Investment: Oracle announced a new campus hub which will bring 8,500 jobs with an average salary of $110,000/year to Nashville, the largest job announcement in Tennessee history. Oracle also said over 11,500 ancillary jobs would be created plus another 10,000 temporary jobs through construction and other support services.
Additional Nashville Developments: In the last five years, TNECD has supported 55 economic development projects in Davidson County resulting in more than 25,000 job commitments and approximately $3.2 billion in capital investment. Highlights include:
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
Nashville Is A Top City: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Dawn Villa and East Lake (“Property”) located in Nashville, Tennessee. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. 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 Buyers 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 Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
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 Nashville, Tennessee and known as Dawn Villa and East Lake (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: