April 21, 2021 10:00 AM
Newmark announces the $94.5 million sale of Bellevue West, a 556-unit multifamily community located at 100 Ridgelake Parkway in Bellevue, one of Nashville’s most desirable suburbs. Newmark Executive Managing Directors Vincent Lefler and Tarek El Gammal represented the seller, Ridgelake Property Investor, LLC, in the sale to Geringer Capital.
“The continuing commercial growth of Nashville’s suburbs has followed a path west from downtown along the Charlotte Avenue Corridor, through Nashville West and Bellevue,” said Vincent. “Bellevue West is securely positioned within this growth corridor while still retaining suburban benefits and charm.”
The property is situated on 56 acres with community amenities including a remodeled clubhouse, a 4,500-square-foot fitness center, indoor and outdoor pools, a lighted tennis court, a basketball court and volleyball court and two dog parks. Bellevue West’s units feature stainless steel and black appliances, oversized closets, wood-style flooring, fireplaces and updated modern lighting packages. With previous ownership having partially renovated 420 units, Bellevue West presents a unique opportunity for the buyer to continue the targeted value-add program.
According to Newmark Research, the Bellevue multifamily submarket has been historically under-supplied–only 1,498 multifamily units have delivered in the past 20 years–due to the area’s topography and rising development costs. This combined with Bellevue’s population growth of 57 percent in the past two decades, the high barriers-to-entry and constricted pipeline will likely translate into continued multifamily demand and rent growth in the area.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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