Continental Realty Acquires Apartment Community in Metro Nashville for $47.3M

MURFREESBORO, TENN. — Continental Realty Corp. has acquired Bell Murfreesboro, a 320-unit apartment community located at 3920 Puckett Creek Crossing in Murfreesboro, about 35 miles southeast of Nashville. The Baltimore-based investment firm purchased the asset from Bell Partners Inc. for $47.3 million. Built in 2008, the property features a clubhouse, swimming pool, recreational area and a pond. The one-, two- and three-bedroom units average 1,028 square feet, and 73 units feature one- or two-car garages. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented Bell Partners in the transaction. This is the ninth acquisition for Continental Realty Fund IV, a $164 million fund that purchases value-add retail and multifamily properties in the Mid-Atlantic and Southeast.