Bruce McNeilage sells third small Nashville area complex in just over two years
Local real estate investor Bruce McNeilage has sold the 61-unit Landmark Apartments in Columbia for $1.1 million, which is double what he paid for the property seven years ago.
The exit is the latest for McNeilage, who in recent years sold what used to be Jefferson Manor Apartments in North Nashville and Charlotte Manor Apartments in West Nashville.
“This goes to show the strong demand for rental properties at all class levels in the Middle Tennessee area,” he said about his gain from selling Landmark Apartments.
McNeilage said he’s using proceeds from selling such smaller apartments to pursue new projects. Those new projects include his 121-unit Solo East condo development in East Nashville, which is 90 percent sold with delivery of the units expected by year’s end.
The buyer of Landmark Apartments was Nashville real estate investor Thomas Valetutti, who owns other businesses and residential properties.
Valetutti said he plans renovations to the fully-leased complex at 903 East End St., roughly four blocks from the Courthouse Square in downtown Columbia.
Half of the units at Landmark Apartments are Section 8 subsidized housing.
Average monthly rents at the former school building that was converted into apartments range from $375 for a one-bedroom unit to $575 for two bedrooms.
Last year, McNeilage also sold a portfolio of 42 homes in areas such as Spring Hill, Thompson’s Station, Nolensville, Hendersonville, Mt. Juliet, Smyrna and Goodlettsville to Agora Hills, Calif.-based American Homes 4 Rent LLC for $9.63 million.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.
