In April 2016, Champion Real Estate Company (“Champion”) completed the acquisition of Village Green Hills, a predominantly, newly-constructed 82-unit core plus apartment property in Nashville, Tennessee. The property was purchased for approximately $22.5 million and is located in one of the most affluent and highly sought after residential markets in Davidson County.
Champion was first attracted to Village Green Hills in 2003, from an investment standpoint, because of its attraction to renters who want to experience the live/work/play lifestyle in a city which has all sorts of cool and trendy pockets. Village Green Hills Apartments is a great example of the types of locations Champion has consistently invested in and will continue to seek over the years to come.
“A” Quality Property and Location
Village Green Hills Apartments is situated in a desirable location due to several factors including walkability, high-end retail access, and easy commutes to downtown and nearby universities, namely Vanderbilt, Belmont, and Lipscomb.
The property sits just off Hillsboro Pike, within the Green Hills submarket, one of Nashville’s most established and affluent neighborhoods. The property sits on 2.29 acres, with 64 units newly built in 2014 and the remaining 18 units comprehensively renovated in 2015.
The property and location are both “A” quality with adjacency of just 300 feet to the best high-end retail in Nashville such as Nordstrom, Apple, Tiffany, Trader Joe’s, California Pizza Kitchen, lululemon, Anthropologie, Pottery Barn, and many more. The property is also within 500 feet of the Hill Center Green Hills, a lifestyle Main Street experience, anchored by Whole Foods (the only Whole Foods in Nashville).
Unmet Rental Housing Demand
This housing submarket is comprised almost entirely of single family homes valued up to $3,000,000. Many of the smaller homes built in 1940’s and 1950’s are being demolished to make way for newer, larger homes due to the area’s demand and popularity. With an average household income of $123,070 within one mile of the property, the majority of the neighborhood is comprised of and zoned for single family residence, with a strong presence of wealthy professionals.
In addition, there is also a number of zero lot line and cluster home developments with homes ranging from $400,000 to $1,000,000 that were built in the neighborhood over the past 15 years. Traditional apartment competition for the property is almost non-existent, and is an ideal location for residents who do not want a long commute to downtown businesses and its three area universities.
Village Green Hills offers a far superior living situation compared to the older apartments and rental homes and condominiums that are still available in the market. With the recent improvements and the addition of an experienced property management team, Champion anticipates that Village Green Hills will be regarded within the community as a trophy property.