{"id":1004141375,"date":"2016-04-07T07:20:01","date_gmt":"2016-04-07T15:20:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004141375"},"modified":"2020-05-08T00:16:04","modified_gmt":"2020-05-08T08:16:04","slug":"passco-companies-acquires-452-unit-community-in-nashville-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\/","title":{"rendered":"Passco Companies Acquires 452-Unit Community in Nashville for $51M"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Nashville, Tenn.<\/strong>\u2014Passco Companies LLC recently acquired The Overlook, a 452-unit multifamily community in Nashville, Tenn. The property was purchased for $51.4 million.<\/p>\n

\"The<\/a>

The Overlook<\/p><\/div>\n

Located at 727 Bell Road, The Overlook features one-, two- and three-bedroom floorplans with sizes ranging between 763 and 1266 square feet. The property was 95 percent occupied at the time of the sale, with rents starting as low as $905 for a one-bedroom and $1485 for a three-bedroom unit. The Overlook is a 15-minute drive to Vanderbilt University and Medical Center, as well as Nashville\u2019s downtown core<\/a>.<\/p>\n

\u201cOn a near-term basis, our asset will quickly gain value as Passco completes minimal interior upgrades and begins its professional management program,\u201d Colin Gillis, vice president of acquisitions of Southeast for Passco, said in a prepared statement. \u201cWith almost no vacancy in the submarket, this property has previously been rented at below market rates.\u201d<\/p>\n

More than 1,600 healthcare jobs are coming to the submarket as a new Community Health Systems office campus is scheduled to open next year, making the property a strong investment for the company.<\/p>\n

\u201cLooking at the longer term, as demand for Nashville housing continues to dramatically rise, The Overlook currently provides quality housing for approximately half the price per square-foot of the downtown market,\u201d Gillis pointed out. \u201cThis bodes quite well for future value increases.\u201d<\/p>\n

Russ Oldham, senior vice president at CBRE represented both Passco as the buyer and Olympus Properties as the seller in the transaction. Chris Black of KeyBank Real Estate Capital\u2019s Commercial Mortgage Group arranged acquisition financing<\/a> for Passco through Fannie Mae.<\/p>\n

Image courtesy of Passco Companies LLC<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE represented both Passco Companies, the buyer, and Olympus Properties, the seller, in the transaction.<\/p>\n","protected":false},"author":735,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,13,36077,21742],"tags":[],"class_list":["post-1004141375","post","type-post","status-publish","format-standard","hentry","category-deals","category-midwest","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"\nPassco Companies Acquires 452-Unit Community in Nashville for $51M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Passco Companies Acquires 452-Unit Community in Nashville for $51M\" \/>\n<meta property=\"og:description\" content=\"CBRE represented both Passco Companies, the buyer, and Olympus Properties, the seller, in the transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-07T15:20:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-08T08:16:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2016\/04\/The-Overlook.jpg\" \/>\n<meta name=\"author\" content=\"Adelina Osan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\\\/\"},\"author\":{\"name\":\"Adelina Osan\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/423ceee57e2e9ef5e458c68f8a3aa615\"},\"headline\":\"Passco Companies Acquires 452-Unit Community in Nashville for $51M\",\"datePublished\":\"2016-04-07T15:20:01+00:00\",\"dateModified\":\"2020-05-08T08:16:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\\\/\"},\"wordCount\":283,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/passco-companies-acquires-452-unit-community-in-nashville-for-51m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/internal.multihousingnews.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/04\\\/The-Overlook.jpg\",\"articleSection\":[\"Deals\",\"Midwest\",\"Nashville - 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