Nashville-area residential investment sold to BH Management
NASHVILLE (August 30, 2015) – Florida-based real estate investment management firm Grover Corlew has sold Overlook Estates, a 371-unit residential complex in Nashville, for $24.7 million to BH Management Services LLC.
“Given Overlook’s significant capital improvements, stabilized performance and location in a robust and dynamic market, the property is a compelling value-add investment opportunity,” said Partner Anuj Grover. “BH Management Services will be able to capitalize on consistently high tenancy, while renovating the remaining units up to their full market potential.”
Originally built in 1966, Grover Corlew acquired the property, known then as Altamont Point, in 2013 for $6.4 million, changed the name to Overlook Estates and invested $3.1 million to upgrade the interiors of 174 units that were in disrepair. Upgrades included new finishes and flooring, appliances, updated lighting and countertops, as well as new cabinets and windows. Common areas, including the swimming pools, were renovated and a new clubhouse and fitness center added.
Set on 16 acres, the 20 two- and three- story building complex is located at 860 Murfreesboro Pike, at the intersection of Interstate 40 and 24 and the 440 loop. Overlook Estates is within three miles of downtown Nashville and the airport, and surrounded by diverse entertainment, employment and retail options.
Grover Corlew, which focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S., also recently sold Willow Grove, Woodbridge, Beechwood and Abbington Heights in Nashville to BH Management Services.
Broker Scott Tyrone of ARA, a Newmark company, represented Grover Corlew in the sale of Overlook Estates, as well as the four other Nashville-area properties.
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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.