Other Income Opportunity: Current ownership does not charge tenants for water/sewer, gas, or electricity. Additionally, the property does not charge administration fees, application fees, or pet rent. New ownership has the ability to begin charging for utilities and fees to be more in line with other properties in the submarket.
Room to Grow Rents: Rolling Hills is currently over 95% occupied with rents below market value. Nearby properties with similar vintage are achieving over $225 higher rents on 1BD units, over $245 higher rents on 2BD units, and over $500 higher rents on 3BD units.
Attractive Unit Mix: Rolling Hills offers investors a great unit mix with over 72% 2BD or 3BD units. The 2BD floorplans average 1,006 square feet and 3BD floorplans are 1,250 square feet.
Interior Value-Add: Rolling Hills has all unrenovated interiors. New ownership will have the opportunity to increase rents by fully renovating the interiors with LVT flooring, granite countertops, stainless steel appliances, and/or painted cabinets.
Generationally Owned Asset: Rolling Hills has been owned by the same family for 10+ years with an emphasis on keeping occupancy high, rarely dropping below 90%.
Desirable Zip Code with High Barrier to Entry: The average single family sale price in the 37209 zip code is $537,500 with home sales up to $3.9MM in the last 12 months. Over the last 5 years, there has been a 42% increase in average home sale price. Additionally, there have been 9 multifamily sales within 3.1 miles of Rolling Hills since August 2021 that have averaged $287,164 per unit.
Highly Trafficked Area: Rolling Hills sits right off of Charlotte Avenue, which is one of the highly trafficked areas in Nashville. Charlotte Avenue averaged 24,448 VPD in 2022.
Proximity to Nashville’s Best Retail: Rolling Hills is less than 1 mile from Nashville West Shopping Center, a 750,000 SF mall anchored by Costco, Dick’s Sporting Goods, Best Buy, Ross, Marshall’s, Old Navy, Petsmart, Target, and Staples;Other local retail includes Publix, Walmart, Lowe’s, Kroger, and Trader Joe’s.
Access to Demand Drivers: Rolling Hills provides convenient access to nearby demand drivers, including:
$2.8 Billion Airport Expansion: Rolling Hills is located 15 minutes from Nashville International Airport, which is in progress on a $2.8 billion expansion plan. The renovation 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 is anticipated to grow from 18 million to more than 23 million.
$1.2 Billion Oracle Job Announcement: 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 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 ("Rolling Hills") located in Nashville, 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 Nashville, Tennessee and known as Rolling Hills (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: