A West Coast limited liability company paid roughly $41 million to buy a 278-unit apartment complex near Percy Priest Lake in Hermitage, records showed.
Spirit Bascom Ventures, an affiliate of Orange County California-based the Bascom Group, bought Highlands at the Lake, according to information with the Davidson County register of deeds.
Arenda Capital Management sold Highlands at the Lake. Previously, the 19 ½-acre property sold for $30 million in 2016. The development is 35 years old.
In a separate deal, the Bascom Group bought Bellevue West, a 560-unit apartment complex in the Bellevue suburb west of Nashville, for an estimated $62 million. Combined, the investment groups own 838 apartment units in Nashville.
Described as luxury garden-style apartments, Highlands at the Lake was built in 1986. The property has changed owners a handful of times since originally opening as Arbors of Lakeside.
Through the following years, the apartment community’s name changed from Spinnaker Cove in 1995, Arbor Lake in 2016 to Highlands at the Lake currently. It’s at 100 Arbor Lake Blvd., between Old Hickory Boulevard and Bell Road.
Highlands at the Lake is currently managed by Lincoln Property Co., a property management company headquartered in Dallas. Main Street Nashville East did not receive an official comment from the company by deadline, inquiring whether residents at the apartment community could expect to any immediate changes. Reached by phone, a leasing agent at the Highlands property said they should know more details in the next few weeks.
The complex offers one-, two- and three-bedroom apartments units between 600-1,280 square feet and range from $940 to $1,375 a month in rent. The Greater Nashville Apartment Association estimates the area average monthly rent sits at nearly $1,045 per month. In the fourth quarter, 95% of Nashville’s apartment inventory was occupied, the association said.
In February 2020, 40-50 residents were displaced and about 20 units considered a total loss at Highlands at the Lake when a large fire ripped through apartment building No. 13 on the property. The foundation of the building currently remains empty.
In November 2019, a North Carolina man was killed at the complex after he backed his car over a curb and crashed into one of the buildings and air conditioning units, police said. The truck and building caught fire, which resulted in the man’s death after he was unable to escape his truck.