Newmark recently closed the $94.5 million sale of Bellevue West, a 556-unit multifamily community at 100 Ridgelake Parkway in Bellevue, one of the most desirable suburbs of Nashville, Tennessee.
Newmark executive managing directors Vincent Lefler and Tarek El Gammal represented the seller, Ridgelake Property Investor, LLC, in the sale to Geringer Capital.
The property is situated on 56 acres with community amenities including a remodeled clubhouse, a 4,500-square-foot fitness center, indoor and outdoor pools, a lighted tennis court, a basketball court and volleyball court and two dog parks.
Bellevue West’s units feature stainless steel and black appliances, oversized closets, wood-style flooring, fireplaces and updated modern lighting packages. With previous ownership having partially renovated 420 units, Bellevue West presents a unique opportunity for the buyer to continue the targeted value-add program.
According to Newmark Research, the Bellevue multifamily submarket has been historically under-supplied–only 1,498 multifamily units have delivered in the past 20 years–due to the area’s topography and rising development costs. This combined with Bellevue’s population growth of 57 percent in the past two decades, the high barriers-to-entry and constricted pipeline will likely translate into continued multifamily demand and rent growth in the area.