Investment Summary

• On behalf of the ownership, the investment sales division of Brookside Properties is pleased to present a terrific value-add opportunity to acquire The Cumberland Retreat Apartments. Built in 1970 along the Cumberland River in west Nashville, the garden style community offers 16-One Bedroom units and 64-Two Bedroom units. Located in an unparalleled location along the river's edge in a quiet and serene neighborhood, Cumberland Retreat is located only 1/2 mile from the new, upscale Nashville West Shopping Center that includes a Publix Grocery Store. With the excellent views offered to residents along the 1,421 linear foot edge of the river, Cumberland Retreat Apartments could achieve significant increases in Effective Rents by implementing a full value-add renovation program for the exterior and interior that would include stainless steel appliances, a microwave oven, granite countertops, new hardwood cabinets, vinyl flooring, sinks and faucets in kitchen and bathrooms, and an updated lighting package. Based on current market conditions, Effective Rents for comparable communities located in West Nashville, after interior upgrades, range from 35% to 75% higher than the Effective Rent at Cumberland Retreat. The Average Effective Rent for 4 & 5 star units in West Nashville is $1,579. At Cumberland Retreat (based on the Sept. 24, 2020 rent roll) the Average Effective Rent for the one bedroom floor plan is $797; the two bedroom/one bath floor plan is $910. When combined, the Effective Rent for Cumberland Retreat is $888. This creates a 75% delta between existing rents at Cumberland Retreat and Class 4 & 5 communities in West Nashville. Given it's location along the Cumberland River, a significant investment to acquire and upgrade the Cumberland Retreat community is justified. Projected post renovation rents of $1,026 for the one bedroom and $1,229 for the two bedroom unit represent a 35% increase over the existing Average Effective Rents at Cumberland Retreat. Higher trending rents in the West Nashville submarket will result in higher rents over time for Cumberland Retreat.
• On behalf of the ownership, the investment sales division of Brookside Properties is pleased to present a terrific value-add opportunity to acquire The Cumberland Retreat Apartments. Built in 1970 along the Cumberland River in west Nashville, the garden style community offers 16-One Bedroom units and 64-Two Bedroom units. Located in an unparalleled location along the river's edge in a quiet and serene neighborhood, Cumberland Retreat is located only 1/2 mile from the new, upscale Nashville West Shopping Center that includes a Publix Grocery Store. With the excellent views offered to residents along the 1,421 linear foot edge of the river, Cumberland Retreat Apartments could achieve significant increases in Effective Rents by implementing a full value-add renovation program for the exterior and interior that would include stainless steel appliances, a microwave oven, granite countertops, new hardwood cabinets, vinyl flooring, sinks and faucets in kitchen and bathrooms, and an updated lighting package. Based on current market conditions, Effective Rents for comparable communities located in West Nashville, after interior upgrades, range from 35% to 75% higher than the Effective Rent at Cumberland Retreat. The Average Effective Rent for 4 & 5 star units in West Nashville is $1,579. At Cumberland Retreat (based on the Sept. 24, 2020 rent roll) the Average Effective Rent for the one bedroom floor plan is $797; the two bedroom/one bath floor plan is $910. When combined, the Effective Rent for Cumberland Retreat is $888. This creates a 75% delta between existing rents at Cumberland Retreat and Class 4 & 5 communities in West Nashville. Given it's location along the Cumberland River, a significant investment to acquire and upgrade the Cumberland Retreat community is justified. Projected post renovation rents of $1,026 for the one bedroom and $1,229 for the two bedroom unit represent a 35% increase over the existing Average Effective Rents at Cumberland Retreat. Higher trending rents in the West Nashville submarket will result in higher rents over time for Cumberland Retreat.

Investment Highlights

• Exceptional demographics within a 3-mile radius
• Designed to capture views of the river, each unit offers a large private balcony
• All cash price allowing investor to take advantage of current interest rates
• 8.5% Five-year avg effective rent growth for West Nashville
• Stable current operations with long term renters
• On behalf of the ownership, the investment sales division of Brookside Properties is pleased to present a terrific value-add opportunity to acquire The Cumberland Retreat Apartments. Built in 1970 along the Cumberland River in west Nashville, the garden style community offers 16-One Bedroom units and 64-Two Bedroom units. Located in an unparalleled location along the river's edge in a quiet and serene neighborhood, Cumberland Retreat is located only 1/2 mile from the new, upscale Nashville West Shopping Center that includes a Publix Grocery Store. With the excellent views offered to residents along the 1,421 linear foot edge of the river, Cumberland Retreat Apartments could achieve significant increases in Effective Rents by implementing a full value-add renovation program for the exterior and interior that would include stainless steel appliances, a microwave oven, granite countertops, new hardwood cabinets, vinyl flooring, sinks and faucets in kitchen and bathrooms, and an updated lighting package. Based on current market conditions, Effective Rents for comparable communities located in West Nashville, after interior upgrades, range from 35% to 75% higher than the Effective Rent at Cumberland Retreat. The Average Effective Rent for 4 & 5 star units in West Nashville is $1,579. At Cumberland Retreat (based on the Sept. 24, 2020 rent roll) the Average Effective Rent for the one bedroom floor plan is $797; the two bedroom/one bath floor plan is $910. When combined, the Effective Rent for Cumberland Retreat is $888. This creates a 75% delta between existing rents at Cumberland Retreat and Class 4 & 5 communities in West Nashville. Given it's location along the Cumberland River, a significant investment to acquire and upgrade the Cumberland Retreat community is justified. Projected post renovation rents of $1,026 for the one bedroom and $1,229 for the two bedroom unit represent a 35% increase over the existing Average Effective Rents at Cumberland Retreat. Higher trending rents in the West Nashville submarket will result in higher rents over time for Cumberland Retreat.