Cantor Fitzgerald, L.P. announced the sale of 865 Bellevue Apartments in Nashville, Tennessee. The sale was facilitated on behalf of investors in 865 Bellevue Apartments, resulting in a total return of 156% of their aggregate original investment and an internal rate of return of 15% over the approximately three-year hold period.
865 Bellevue Apartments is a 326-unit, garden-style apartment community featuring spacious units and community amenities, including a clubhouse, fitness center, two swimming pools, and a dog park. Area amenities include, One Bellevue Place, a mixed-use development containing retail, restaurants and entertainment located less than one mile from the property. The property is within the highway 70 and I-40 corridor, approximately 14 miles from Downtown Nashville, providing convenient access to major employment and entertainment centers.
“We acquired 865 Bellevue Apartments in March 2019. Over the past three years, which included navigating the challenges of the COVID-19 pandemic, we successfully executed the business plan to enhance the value of this well-located property by, upgrading select unit interiors and enhancing community amenities,” said Matt Keefer in a statement, Managing Director and Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management.
“The profitable sale of 865 Bellevue Apartments is the culmination of a collaborative process, including the assumption of attractive long-term fixed-rate financing, among a strong buyer and cooperative lender while successfully navigating a challenging economic environment,” said Aaron Wessner, Managing Director, Head of Capital Markets, Cantor Fitzgerald Asset Management. “We are pleased to have delivered an attractive return for investors with this sale.”
