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Passco Acquires Nashville Multifamily Community for $93.5 Million

Passco Companies LLC, a sponsor of 1031 Delaware statutory trusts and other alternative investments, acquired The Lexington Apartments in the Bellevue submarket of Nashville, Tennessee for $93.5 million.

Located at 510 Old Hickory Boulevard, The Lexington is a Class A garden-style multifamily community located 13 miles southwest of Downtown Nashville.

The property consists of 598 units divided between 28 three-story buildings. The one-, two- and three- bedroom units include nine-foot ceilings, double vanity sinks, garden tubs, bay windows, decks/patios, and washers and dryers in select units. The property also features community amenities, including an indoor swimming pool, three outdoor pools, a fitness center, a clubhouse, tennis courts, tanning beds, a java bar and an outdoor grilling area.

The Lexington was developed in two phases in 1997 and 1999, and all of the units were remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. 434 of the 598 units were renovated in this most recent round, and Passco plans to complete the renovations to the remaining units.

“Bellevue is a low cost alternative to the expensive downtown housing market,” Colin Gillis, Passco Companies’ director of acquisitions, southeast explained. “The property’s location, which is less than a mile from major interstate I-40 and only a short commute to downtown and West End, offers The Lexington’s residents unparalleled access to the city, while still delivering a small community feel with excellent schools and plenty of shopping and recreation.”

The Lexington has maintained an average occupancy rate of more than 95 percent in the past three years.

Vince Lefler of Jones Lang LaSalle’s Nashville office facilitated the sale.

Headquartered in Irvine, California, Passco Companies LLC is a real estate investment firm that focuses on the acquisition, development, and management of multifamily and commercial properties throughout the U.S.