Denholtz Properties announces the acquisition of 5150 JB Drive Apartments, a 384-unit, Class-A multifamily community located at 5150 Jack Byrnes Drive in Murfreesboro, Tenn.
5150 JB Drive Apartments is located in the Nashville MSA less than 30 minutes from downtown in the heart of Rutherford County, part of the emerging Southeast Nashville corridor. Home to major employers such as Nissan North America, Amazon, State Farm, Ingram Content Group, Verizon Wireless, General Mills, and Bridgestone/Firestone, Rutherford County is a key contributor to the regional economy and one of the Nashville MSA’s fastest-growing residential submarkets.
Murfreesboro, the largest municipality in Rutherford County, is currently the top-ranked city on Smart Asset’s annual Boomtown of America list. Over the last five years, the city has seen a population growth of 19.62 percent and an average yearly GDP growth of 3.71 percent.
Constructed in 2020, 5150 JB Drive Apartments is among the rapidly growing region’s premier residential communities featuring a full luxury amenity package including a resort-style pool, 24-hour fitness center, car wash, dog park, fire pits, garage parking as well as top-of-the-line interior features and finishes including stainless steel appliances. The community’s location just three miles from the intersection of Routes 24 and 840 also allows residents to enjoy easy access to downtown Nashville and the entire Southeast Nashville corridor.
“Murfreesboro’s strong population and economic growth have made it stand out in what has become one of the Southeast’s most desirable real estate markets,” said Stephen Cassidy, President of Denholtz Properties. “This acquisition represents a rare opportunity to tap into the city’s growth trajectory to continue to expand our portfolio of assets across the southeast. We look forward to leveraging our time-tested multifamily management approach to build upon the success of this community.”
The acquisition marks the latest addition to Denholtz Properties’ rapidly growing southeastern portfolio. Over the last 12 months, the company has bolstered its portfolio of assets across the Southeast with several strategic acquisitions. In addition, the company also launched a joint venture in early 2022 to acquire and develop multi-tenant industrial properties with a total value of over $1 billion.
Earlier this year, Denholtz Properties celebrated the first acquisition for the joint venture – a 53,811-square-foot industrial building at 9201 Forsyth Park Drive in Charlotte, N.C. The company also acquired a 106,966-square-foot, seven-story office building at 618 East South Street in Orlando, Fla. earlier this year to further augment its robust office portfolio.
Late last year, Denholtz Properties also added Interstate Commerce Park, a five-building, 218,570-square-foot industrial park located in Greensboro, N.C.; a two-building, 106,068-square-foot office property at 1120 and 1130 Celebration Blvd. in Celebration, Fla. and Vida Apartments, a 289-unit luxury multifamily community in Kannapolis, N.C. to its portfolio.
JP Josephson, Director of Acquisitions for Denholtz Properties, added, “Recognizing the tremendous growth potential of the Southeast, we set out last year to aggressively grow our multifamily, industrial and office portfolios across the market. Since that time, our agility and on-the-ground presence have enabled us to add high-quality properties to our portfolio that will allow us to tap into the potential of this market and continue to drive results for our investors. We are excited to continue to aggressively target acquisitions across the market and build upon our last 12 months of success.”