NASHVILLE, TN -- Harbor Group International, LLC (“HGI”) announced today that affiliates of the company have sold the 624-unit Lakes of Bellevue Apartment community in Nashville, Tennessee to Lakes of Bellevue Holdings, LLC for a purchase price of $57 million. The property was acquired by HGI in June of 2006 for $41 million. HGI invested $1.4 million in property improvements following the acquisition.
“Throughout our term of ownership, Lakes of Bellevue maintained high occupancy and produced consistent returns to our investors,” said T. Richard Litton, Jr., President of Harbor Group International, “The Nashville market has always been a solid market for apartment properties. In August of 2012, HGI affiliates acquired a 1,593-unit portfolio of properties in Nashville and continues to own 1,333 units in the area.”
Lakes of Bellevue is a 624-unit apartment community originally built between 1986 and 1987. Of the 624 units, 80 units were built as a second phase added in 1996. The Property features multiple one, two and three bedroom floor plans with an average size of 732 square feet. Property amenities include three swimming pools, clubhouse, fitness center, heated spa, two lighted tennis courts, laundry facility, playground, car care center and three stocked lakes. Washer and dryer connections are featured in all units, and vaulted ceilings, fireplaces and built-in bookshelves are featured in select units. The asset is currently 96% occupied.
Harbor Group International, LLC is a private real estate and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.