April 7, 2016
Passco Cos. LLC acquired its second multifamily property in Nashville, the 452-unit Overlook at 727 Bell Rd. The Irvine, CA-based buyer paid $51.4 million to Olympus Property for the 95%-occupied asset. Russ Oldham with CBRE brokered the transaction between buyer and seller.
“This is the reality of finding a property with good bones, located in a great market, which will give us the ability to drive value both in the short-term and in the long-term,” said Colin Gillis, vice president of acquisitions, southeast for Passco.
The apartment complex hasn’t been updated since its 1998 completion, but the new owner plans interior upgrades as well as putting a new management team in place. The investor owns Cambridge at Hickory Hollow, in the same neighborhood, and has driven value through a similar upgrade program at the property.