Investment Highlights

Repositioned Asset after Major Capex Spend: VUE at Warner Park recently underwent a substantial renovation to its interiors, common areas, and amenities package. Highlights include:

  • Interiors - Hardwood-style Flooring, Stainless Steel Appliances, Granite Countertops, New Paint, Lighting Package, Ceiling Fans, Bathroom Vanity, & Plumbing Fixtures
  • Exteriors & Amenities - Clubhouse Renovation, Fitness Center, Pool Furniture, Paint, Dog Park Fencing, Landscaping, & Exterior Paint

Expansive Amenity Package: The property offers its tenants a luxurious amenities package, including:

  • 2 Resort Style Swimming Pools
  • Picnic Tables
  • State-of-the-Art Fitness Center
  • Pickleball Court
  • Dog Park
  • Gated Community
  • Laundry Center

Room to Grow Rents: VUE at Warner Park sits well below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by 19.7% in 2021, 7.9% in 2022, and 4.2% in 2023 according to CoStar projections.

Large Floor Plans: VUE at Warner Park has an average floor plan size of 1,232 SF, significantly larger than any of the surrounding comps. Over 78% of the property features 2 or 3 bed units.

Proximity to One Bellevue Place: 1+ million SF mixed-use development featuring over 40 tenants that include retail, restaurants, entertainment, hotel, and professional/medical offices. The property is highlighted by:

  • 15 restaurants
  • 10+ retailers including HomeGoods, Kirklands, Burlington, Sprouts, and ULTA
  • AMC Theatre
  • Nashville Predators Ford Ice Center

Affluent Nashville Submarket: Bellevue is known for being one of Nashville’s most affluent and desirable submarkets:

  • Median Home Value - $407,319 (Nashville Average: $342,678)
  • Household Income - $74,200 (Nashville Average: $49,900)
  • Educational Attainment - 54.7% w/ Post-Secondary Degree (Nashville Average: 37.6%)

Highway 70 & I-40 Corridor: VUE at Warner Park sits beside Highway 70 and I-40, which both provide a gateway through Nashville’s finest neighborhoods, entertainment, employment, and retail and run directly into Downtown Nashville, roughly 10 miles from the property. Among the highlights of this corridor are:

  • Development - 8 projects of $100+ million along Hwy 70, totaling over $2.5B in development
  • Medical District - Nashville’s Top 4 hospitals total over 2,500 beds and over 35,000 jobs
  • Downtown Nashville - Home to Nashville’s largest entertainment venues, restaurant and bar scene, employers, and stadiums
  • Nashville West Shopping Area - Major tenants include Target, Costco, World Market, Best Buy, DSW, Dick’s Sporting Goods, Marshalls, Ross, PetSmart, and Old Navy. Other area retailers include Big Lots, Walmart Supercenter, Lowe’s Home Improvement, and At Home

$1.2 Billion Oracle Job Announcement: Oracle announced a new campus hub which will bring 8,500 jobs with an average salary of $110,000/year to Nashville, the largest job announcement in Tennessee history. Oracle also said over 11,500 ancillary jobs would be created plus another 10,000 temporary jobs through construction and other support services

Additional Nashville Developments: The Nashville MSA has had numerous major job and development announcements, including:

  • Amazon - 5,000 jobs, $230 million investment
  • AllianceBernstein - 1,050 jobs, $70 million investment
  • Pilot.com - 450 jobs
  • Postmates - 500-1,000 jobs
  • Smile Direct Club - 2,000 jobs throughout Middle TN, $217 million investment
  • BNA Airport Expansion - $1.2 billion expansion

Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:

  • Vanderbilt University Medical Center & Children’s Hospital: 28,300 jobs
  • HCA: 10,600 jobs
  • Vanderbilt University: 8,822 jobs
  • St. Thomas: 8,400 jobs
  • Amazon: 5,000 jobs

Nashville is a Top 5 City: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:

  • #1 - Top U.S. City for Job Seekers (MoneyGeek)
  • #1 - Metropolitan Economic Strength Ranking (Policom)
  • #1 - Most Economic Growth (Stessa)
  • #2 - Hottest U.S. Jobs Market (Wall Street Journal)

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