Proven Value-Add Opportunity: New ownership has fully renovated 25 units with new cabinets, countertops, flooring, lighting, paint, windows, and sliders. New ownership will have the opportunity to renovate the remaining units to potentially increase NOI.
Significant Capex Spend: Current ownership has spent significant capital maintaining the property, including:
Additional Upside Opportunities: New ownership has multiple opportunities for additional upside, including:
Below Market Rents: Tulip Grove sits over $300-$500+ below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by 7.3% in 2022 and 4.6% in 2023, according to CoStar projections.
Convenient Location to Hermitage Demand Drivers: Tulip Grove is located within 10 minutes of multiple local demand drivers, including
$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
Proximity to Major Middle Tennessee Employment Hubs: I-24 (123,792 VPD) and I-840 (51,976 VPD) offer tenants convenient access to the Nashville MSA’s largest employment hubs, including:
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
Nashville is a Top 5 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 ("Tulip Grove") located in Hermitage, 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 Hermitage, Tennessee and known as Tulip Grove (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: