The Sterling Group Acquires Nashville Property
Mishawaka, Ind. - The Sterling Group, Inc., an Indiana-based multifamily company, recently entered the Nashville market with its purchase of Hampton Chase Apartment Homes. The property is a 202-unit garden-style apartment community situated on approximately 25.21 acres. Hampton Chase was constructed in 1974 and is comprised of 21, two- and three-story buildings containing a mix of one, two, and three bedroom floor plans.
Located off of Murfreesboro Pike, on the Southeast side of the city, Hampton Chase was purchased for $13 million. The community is within minutes of Hickory Hollow Mall, the Nashville International Airport, and Percy Priest Lake. The property is also just minutes from I-40 and I-24 and only a short drive to downtown Nashville.
Apartment home floor plans range from 800 sq. ft. to 1,250 sq. ft. and feature a fully-equipped kitchen, washer and dryer hook-ups, and a private balcony/patio area. Select homes include a fireplace and a washer and dryer.
In addition to its convenient location to public transportation, Hampton Chase features two swimming pools, three laundry facilities, and fitness center in the clubhouse.
Renovations are underway and are projected to total over $1.4 million dollars. Planned renovations include a complete clubhouse remodel including the pool area and fitness center, curing of deferred maintenance items, replacement and improvements of exterior building elements, landscaping, signage, and lighting. A New additions include a dog park and grilling and fire pit area.
Interior apartment home renovations include a complete moderate rehab on all units to include new two-tone paint, new flooring throughout, new appliances in select homes, upgraded lighting and electrical fixtures, upgraded plumbing fixtures, new countertops and sinks in kitchens and baths, updated hardware on all interior doors, installation of plantation-style wood slat blinds at all windows, painted kitchen cabinets with upgraded cabinet door and drawer hardware and the addition of mantels to the fireplace area.
The Sterling Group, founded in 1976, develops, constructs, acquires and manages investment quality real estate, specializing in multi-family apartment homes, senior communities, student housing and storage facilities.
Sterling Management, Ltd. has over 30 years of experience assisting owners in achieving both physical and financial goals for their assets. Sterling Management oversees an expansive portfolio of multi-family communities and storage facilities across the United States. In addition, it also provides fee management services. For more information, please visit www.thesterlinggrp.com or contact Andrea Hurn, Vice President of Management, at 574-247-3241. #