1,038 newly renovated and high-occupancy units sell for $70.9 million
NASHVILLE (August 30, 2014) – Florida-based real estate investment management group Grover Corlew has sold four residential complexes in the Nashville area for $70.9 million.
Properties included in the sale are the 244-unit Willow Grove, 220-unit Woodbridge, 300-unit Beechwood and 274-unit Abbington Heights. All four, which were extensively renovated by Grover Corlew, are centrally located in the revitalized southeastern area of Nashville and Davidson County. The portfolio represented a sizeable presence in one of the most sought-after markets in the southeastern U.S. Along with recent rent increases, the combined portfolio’s occupancy rates have increased under Grover Corlew’s ownership and management to 96.5 percent.
“This was a rare opportunity to acquire a well-performing stabilized value-add apartment portfolio of 1,038 units in one of the most dynamic markets in the southeast,” said Partner Anuj Grover. “Fueled by robust economic and employment growth, Nashville has become the ‘it’ city for a young, educated workforce.”
The real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. purchased these four properties in 2011 and 2012. Grover Corlew continues to own and manage Overlook Estates, a 371-unit apartment community located at 860 Murfreesboro Pike in Nashville.
Scott Tyrone, a multifamily broker with ARA in Nashville, represented Grover Corlew in the Nashville portfolio transaction.
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About Grover Corlew
Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeast U.S.