Security Properties and Pacific Life Insurance Acquires 238-Unit Apartment Community in Nashville for $80.75 Million

Security Properties and Pacific Life Insurance Acquires 238-Unit Apartment Community in Nashville for $80.75 Million

NASHVILLE, TN - Security Properties and Pacific Life Insurance Company announced the purchase of Broadstone Gulch, a 238-unit Class-A new construction multifamily property located in Nashville, TN for $80,750,000. Security Properties now owns a total of seven assets in the Nashville marketplace.

Broadstone Gulch is located in The Gulch, an energetic neighborhood ideally situated between Downtown, Midtown, SoBro, and Music Row. The Gulch is a LEED Neighborhood Development that hosts Class A office, luxury brand hotels, and some of Nashville's most popular restaurant and nightlife destinations. Recent and planned redevelopment projects have elevated The Gulch to be not only a popular destination for tourists and visitors, but also an exciting place to live and work.

The property boasts among the highest quality interior unit finishes in Nashville, including luxury appliance packages of side-by-side refrigerators and hidden-control dishwashers, full-size washer/dryers in every unit, marbled quartz countertops, keyless entry, and wine coolers in select units. Additionally, Broadstone Gulch provides an excellent amenity package to tenants, with a state-of-the-art fitness center, rooftop sky lounge, indoor/outdoor pool club, demonstration kitchen, 24/7 package access system, smart office space, pet spa, Google Fiber, and many others.

The site sits on the southwest corner of Division St and 8th Ave S, providing a less than 10-minute walk to both Music City Center (Nashville's Convention Center) and the heart of the Gulch (12th & Pine) via 8th Ave S and Division St, respectively. This location will become even more walkable as further development occurs in the micro-location. 

Broadstone Gulch and its neighborhood are poised to benefit from a rapidly expanding professional employment base located in Nashville's core. Numerous Class A office projects are currently under construction, which will host an array of sought-after employers, including Amazon, AllianceBernstein, and Asurion. 

According to Tad Johnson, Director at Security Properties, the acquisition was made because, "The Gulch is a fantastic location that will directly benefit from the proximate office growth in Nashville's urban core; we are thrilled to add this Class-A asset to our Nashville portfolio."  

The property will be managed by Security Properties-affiliate Security Properties Residential. The transaction was brokered by Telly Fathaly and Kris Mikkelsen of Walker & Dunlop Investment Sales.

Source: Security Properties

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