Hermitage's Cherry Creek Apartments sold for $86.5M

• 627-unit community the third local acquisition for BC Property Investments LLC in just over two years

A Miami-based real estate investment firm has bought the 627-unit Cherry Creek Apartments in Hermitage for $86.5 million.

The deal is BC Property Investments LLC's latest Nashville-area apartment acquisition in the past year and a half. Locally, the company owns the 624-unit Lakes of Bellevue apartments in Bellevue and the Viera Cool Springs apartments in Franklin.

BC Property acquired Cherry Creek Apartments, which is at 1100 Crystal Spring Lane off Central Pike, from the Norfolk, Va.-based private real estate investment and management firm Harbor Group International.

Amenities include three resort-style pools, tennis courts, a car care center, a pet park, fitness center, sand volleyball courts, a racquetball court and a clubhouse. Nine-foot ceilings, bay windows, fireplaces, built-in bookshelves, private patios, balconies and vaulted ceilings are among amenities inside the units.

"Nashville's multifamily market continues to be a solid performer, even as historic levels of new supply are delivered," said Tarek El Gammal, a principal in locally based brokerage firm Southeast Venture, who represented buyer BC Property in the deal. "Cherry Creek is a wonderful asset that will provide my client with a fantastic opportunity to continue their strategy of creating value through asset renovation programs."

Vincent Lefler, a senior vice president and multifamily broker with Jones Lang LaSalle, represented the seller, Harbor Group.

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.