SEATTLE, Dec. 23, 2019 — On December 20, 2019, Security Properties and Pacific Life Insurance Company purchased Broadstone Gulch, a 238-unit Class-A new construction multifamily property located in Nashville, TN for $80,750,000. Security Properties now owns a total of seven assets in the Nashville marketplace.
Broadstone Gulch is located in The Gulch, an energetic neighborhood ideally situated between Downtown, Midtown, SoBro, and Music Row. The Gulch is a LEED Neighborhood Development that hosts Class A office, luxury brand hotels, and some of Nashville’s most popular restaurant and nightlife destinations. Recent and planned redevelopment projects have elevated The Gulch to be not only a popular destination for tourists and visitors, but also an exciting place to live and work.
The property boasts among the highest quality interior unit finishes in Nashville, including luxury appliance packages of side-by-side refrigerators and hidden-control dishwashers, full-size washer/dryers in every unit, marbled quartz countertops, keyless entry, and wine coolers in select units. Additionally, Broadstone Gulch provides an excellent amenity package to tenants, with a state-of-the-art fitness center, rooftop sky lounge, indoor/outdoor pool club, demonstration kitchen, 24/7 package access system, smart office space, pet spa, Google Fiber, and many others.
The site sits on the southwest corner of Division St and 8th Ave S, providing a less than 10-minute walk to both Music City Center (Nashville’s Convention Center) and the heart of the Gulch (12th & Pine) via 8th Ave S and Division St, respectively. This location will become even more walkable as further development occurs in the micro-location.
Broadstone Gulch and its neighborhood are poised to benefit from a rapidly expanding professional employment base located in Nashville’s core. Numerous Class A office projects are currently under construction, which will host an array of sought-after employers, including Amazon, AllianceBernstein, and Asurion.
According to Tad Johnson, Director at Security Properties, the acquisition was made because, “The Gulch is a fantastic location that will directly benefit from the proximate office growth in Nashville’s urban core; we are thrilled to add this Class-A asset to our Nashville portfolio.”
The property will be managed by Security Properties-affiliate Security Properties Residential. The transaction was brokered by Telly Fathaly and Kris Mikkelsen of Walker & Dunlop Investment Sales.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute.