Great things are happening in Nashville, Tennessee. For the second consecutive year Nashville-area multi-family investment sales surpassed the $1 billion mark. The game changer has been in apartment sales. Earlier this month Crescent Cool Springs apartments in Franklin was sold for $60 million. A joint venture between CNL Growth Properties Inc. and Crescent Communities sold the property to Simpson Housing LLLP who paid $238,095 each for the 252 apartments. This sale set a record for per unit price for an individual suburban multi-family property.
Another top apartment sale involved a partnership led by Nashville real estate investor Jack May. May paid $24 million for Riverview Grande Apartments, a 200 unit complex in West Nashville.
The same partnership purchased property from a fund managed by Covenant Capital Group. The Covenant Capital Group sold the May led partnership the adjacent property, Views on the Cumberland for $30.5 million.
Nonprofit Harmony Housing caught the vision and purchased the 144 unit Willow Creek Apartments in Mt. Juliet.
This spirit of success is not limited to brokering apartment sales. That same entrepreneurial spirit has fallen on Scott Lumley. Often referred to as a “Renaissance man,” Mr. Lumley has been a horse trainer, a rodeo rider, an ecommerce titan, and the owner of an ABA team. Success to Lumley is a 24 hour job. He believes if you want something to work you have to immerse yourself completely in it. Lumley, president and founder of e-depotonline.com, bidflame.com and Large Lots, hasn’t put all of his eggs in one basket. His ability to adapt to the changing needs and attitudes of the market has earned him through these three companies $47 million.
Lumley’s businesses began in 2005 with a $250 investment. With this investment, he purchased merchandise from a local liquidator. The items were posted and sold on eBay under the name Electronic Depot, Inc. now one of the largest electronic websites on eBay.
His flagship company, e-depotonline.com sells electronics wholesale and retail. It is a reliable source for unique products at wholesale prices in large quantities. Merchandise ranges from PDA’s to cameras, televisions, and video game systems.
Scott Lumley has succeeded in areas where others have failed. His business savvy is now making a place for him in professional sports as the owner of the Nashville Broncs. Nashville like Scott Lumley will continue to make great strides in investments and life because business is booming in Nashville.