FRANKLIN, TN – Security Properties and an institutional investor bought The Artessa Luxury Apartment Homes, a 250-unit Class A multifamily property located in the Cool Springs neighborhood of Franklin, TN for $57,500,000.

Sitting at nearly 90% occupancy, The Artessa is the newest multifamily asset in Cool Springs. The developer finished construction in January of 2016 and has steadily leased up the property. The property features high-end unit interiors and luxurious common areas. Security Properties intends to improve the common areas by adding an additional BBQ area, installing LED lighting, expanding the business center, adding a sports lounge, and executing on an array of other smaller projects.

The Artessa will be Security Properties’ third Nashville metro acquisition in 2016.

David Dufenhorst, CEO at Security Properties stated, “The Artessa is the latest reflection of our company’s continued commitment to the Nashville metro. We are seeking locations that will provide durable cash flow and strong yields. With the fantastic Nashville economy largely driven by recession-resistant healthcare and education sectors, Williamson County having an extremely tight office market, and The Artessa having an advantageous competitive position in its submarket, we expect this acquisition to perform well over a long hold period. We anticipate strong job creation over the coming decade given The City of Franklin has over 6.5m square feet of office space and millions more under construction and plotted. In fact, Williamson County led the nation in job growth as a percentage from Sept. 2014 to Sept. 2015 by increasing its employment base by 6.8%. We anticipate this trend to continue. Most recently, the greater Nashville metro grew its labor force by 5.2% over the 12-month period ending Sept. 2016, according to the Bureau of Labor Statistics.”

The Artessa was financed with a Fannie Mae 10-year note at an attractive 4.1% fixed rate. Russell Oldham of CBRE represented the seller on the transaction.

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CHICAGO, IL – Spirit Bascom Ventures a partnership between Irvine, California based The Bascom Group, and Stamford, Connecticut based Spirit Investment Partners, has bought 6807 N. Sheridan Road for $18,875,000, its second Chicago acquisition in the past year. 

The property is located in the dynamic Rogers Park neighborhood, a few blocks north of Loyola University’s flagship Lake Shore Campus. Todd Stofflet of KIG CRE represented the seller in the off market transaction. Andy Feinberg, Marc Schulder, and David Harte from Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and mezzanine loan from New York based Hillcrest Real Estate.

The 1920’s era 9-tale building contains 160 rental units featuring unobstructed views of Lake Michigan, dramatic, has high coffered ceilings on the ground floor and approximately 10,150 square feet of fully leased retail space along North Sheridan Road. The property is located four blocks north of the Loyola Station El stop and one block west of Columbia Beach. The transformation of Rogers Park into a well loved neighborhood for millennials and young professionals combined with a limited supply of large luxury properties existing or plotted for the submarket is what attracted the new buyers to the opportunity.

Spirit Bascom Ventures has been focusing on acquiring value add multifamily properties along the eastern seaboard and Midwest, acquiring over $300 million in assets over the past three years. The venture also focuses on neglected urban mixed use assets is path of progress submarkets that can benefit from similar high end repositioning and is seeking to add to the two property portfolio their currently own in Chicago.

David Nachman, a principal of Spirit Investment Partners, clarifies, “This building has been neglected for a long time and is underperforming its potential. We’re excited to unlock that potential and make a real amenity for the neighborhood.” Ian Hafner, a principal of Spirit Investment Partners, adds, “We like the long term growth tale in North Chicago and want to add more properties to our growing local portfolio.”

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