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Continental invests $47.3M in Tennessee apartments

Baltimore-based real estate investment and management company Continental Realty Corp. has purchased the 320-unit Bell Murfreesboro apartment development in Murfreesboro, Tennessee, for $47.3 million.

The apartments were purchased via the Continental Realty Fund IV L.P., which focuses on acquiring value-add multifamily and retail properties. This is the ninth overall property purchased by the fund and the first in Tennessee.

“Located near Nashville, Bell Murfreesboro satisfied each important fundamental we seek including the presence of a rapidly expanding population, sustained job growth over an extended period, the influx of new and expanding businesses, and the presences of retail shopping venues within close proximity,” Continental Realty Corp. CEO J.M. Schapiro said in a statement.

Bell Murfreesboro was completed in 2008 and consists of 38 three-story buildings on more than 16 acres of land. There are one-, two- and three-bedroom units and 73 have two-car garages.

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