5150 JB Drive Apartments at 5150 Jack Byrnes Drive in Murfreesboro, Tennessee — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has continued its out-of-state expansion with the acquisition of a newly built, 384-unit apartment property outside Nashville, the Red Bank-based firm announced.
The complex, located at 5150 Jack Byrnes Drive in Murfreesboro, Tennessee, was built in 2020 and is part of the region’s growing stock of luxury rentals, Denholtz said. The real estate firm paid an undisclosed sum for what’s known as 5150 JB Drive Apartments, which is less than 30 minutes from downtown Nashville.
“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.”
In a news release, Denholtz said 5150 JB Drive Apartments has a resort-style pool, a 24-hour fitness center, a car wash, a dog park and other amenities. The property, meantime, is three miles from the intersection of routes 24 and 840, providing residents with easy access to downtown Nashville and the entire Southeast Nashville corridor.
It also sits in the heart of Rutherford County, which is home to major employers such as Nissan North America, Amazon, State Farm, Ingram Content Group, Verizon Wireless and others.
“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,” said JP Josephson, director of acquisitions for Denholtz Properties. “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.”
The firm’s other recent additions in the Southeast include a 53,811-square-foot industrial building at 9201 Forsyth Park Drive in Charlotte, North Carolina, its first under a new joint venture to acquire and develop multitenant industrial properties. The company this year also acquired a 106,966-square-foot, seven-story office building at 618 East South St. in Orlando, Florida, further augmenting its office portfolio.
