Location: 221 Plus Park Blvd, Nashville, TN 37217
Year Built: 1986
Acquisition Date: 10/19/2022
The Nashville MSA has a population of over 2 million within 14 different counties. Shadowbluff is located in Davidson County which is the most populous county in Tennessee with 711,000 people.
Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables. OREI anticipates $198/unit of organic, mark-to-market rent growth.
Upon interior renovation, OREI anticipates a $258/unit average rent premium, in-line with similarly renovated product within the submarket.