Repositioned Asset Following $8.5 Million Renovation:
Current ownership has spent $8.5 million renovating the property between 2016-2019, including improvements to the building exteriors, common areas, amenities, and 100% of the unit interiors.
Excellent Amenities Package:
The property has desirable amenities including, a luxury pool with tanning deck, bark park with pet stations, a business center and clubhouse cafe, grills and picnic area, fitness center, playground, and sidewalks with open green space.
Rent Growth Opportunity:
Overton Brentwood is over $400+ below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI. Submarket rents are anticipated to grow by 9.6% in 2022 and 4.5% in 2023, according to CoStar projections.
Additional Upside Opportunity:
New ownership will have multiple other opportunities to add value to the property, including:
Loss-to-Lease Burnoff: Recent Leases have been renting for $165 more than in-place rents on average. New ownership will have the opportunity to organically increase rents through loss-to-lease burnoff.
Light Value-Add: New ownership could make additional improvements to the property, such as painted or new cabinets, kitchen backsplashes, installation of in-unit washer/dryer machines (connections already provided), enhanced landscaping and curb appeal, parking lot overlay, or utilizing open green space for additional amenities.
$1.4 Billion Airport Expansion:
The property is located near Nashville International Airport, which is in progress on a $1.4 billion expansion plan. By 2023, BNA passenger traffic will grow from 18 million to more than 23 million. See below for a complete list of upgrades.
Massive Antioch Development:
Southeast Nashville has experienced over 50% population growth since 2000, the largest growth in Davidson County outside of the Central Business District. This has led to an influx in new developments and job announcements, anchored by Century Farms.
A 300+ acre, mixed-use, master-planned development which will feature a wide variety of major retail, office, multifamily and entertainment uses, has achieved zoning for more than 30,000,000 square feet of space and will be centered around a new, full-access Hickory Hollow Parkway (Exit 60) interchange
$1.2 Billion Oracle Job Announcement:
Oracle announced a new $1.2 billion 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.
Additional Nashville Job Announcements:
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 Overton Brentwood (“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: