TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, announced it has acquired Charleston Hall, a 194-unit community in the Nashville MSA in an off-market transaction.
“The Nashville market was attractive to us due to a number of positive economic growth drivers that are subsequently producing increased demand for rental housing,” said Matt Ferrari, Head of Acquisitions and co-CIO of Los Angeles-based TruAmerica. “We continue to expand our presence in the Southeast to more than 40 properties and this acquisition is our third multifamily asset in the Nashville MSA.”
The Charleston Hall community is strategically situated within the Nashville MSA, with easy access to key employment and entertainment destinations. The site at 351 Sam Ridley Pkwy. E. in Smyrna, Tennessee is roughly 30 minutes from downtown Nashville and near Percy Priest Lake, a top recreational attraction within the Jefferson Springs Recreation Area.
The property was built in two phases in 1986 and 1996 and consists of one-, two-, and three-bedroom floor plans, including 30 unique 1,750-square-foot, three-bedroom, two-bathroom townhomes. Charleston Hall has been partially renovated and TruAmerica plans to complete unit upgrades.
Among the planned improvements are stainless-steel appliances with range hoods, cabinets, quartz countertops, vinyl flooring in living areas, and washers and dryers. TruAmerica will also complete exterior and amenity work at the property.
“This acquisition aligns with our strategic vision and commitment to building better communities,” notes Alex King, Director of Acquisitions for TruAmerica. “We are excited to expand our footprint in Nashville given its exceptional rise in tourism, population growth, and job growth.”
Known as the Country Music Capital of the World, Music City is also thriving as an employment center. Nissan, the county’s largest private employer, is expected to expand its local workforce to 8,500 at a facility located just seven minutes from the Charleston Hall community. Oracle Corporation recently announced it is relocating its world headquarters to Nashville, joining other top Nashville employers including Vanderbilt University, Community Health System, HCA Healthcare, Bridgestone, Amazon, Tractor Supply Co., and Mitsubishi Motors.
Dennis Harris and Zac Wracher of The Kirkland Company represented the seller in the transaction, while Rob Russell and Rich Kourbage of Greystone procured the debt for the buyer.
