Value-Add Opportunity: New ownership will have the opportunity to add value to the property by updating the interiors, such as new flooring, countertops, appliances or painted cabinets.
Enhance Curb Appeal: New ownership will have the opportunity to enhance the curb appeal of Royal Oaks, including: new signage, improved landscaping, resurfaced parking lot, and improved stairs and breezeways.
Rent Growth Opportunity: Royal Oaks is over $600+ 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 9.1% in 2022 and 5.3% in 2023, according to CoStar projections.
Amenities Package: New Ownership will have the opportunity to create an amenities package on 4.23 acres of land that is undeveloped by the previous owner. As there are no current amenities, new ownership could add a pool, dog park, sport court, or grilling area.
Marketing Opportunity: Current Ownership does not have a property website and still is occupied at 100%. New Ownership can come in and create one with the opportunity to market the apartment complex to a wider group of people.
Proximity to Demand Drivers: Forest Park is centered around variety of major demand drivers and recent job announcements, including:
$1.4 Billion Airport Expansion: The property is located near Nashville International Airport, which is in progress on a $1.4 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 2023, BNA passenger traffic will 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.
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 Royal Oaks (“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 Royal Oaks (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: