Real estate notes: VITA closes on deal for apartments

Also: Fifth Third invests in Bordeaux affordable housing

Franklin-based VITA Development Group has purchased 13.6 acres on 7 Oaks Boulevard in Smyrna for $1.07 million.

The land has been approved for the development of an 11-building, 196-unit garden-style apartment complex. Southeast Venture Broker Ashley Bishop represented VITA in the sale, with his Southeast colleague Tarek El Gammal representing the sellers.

“It’s a great area with high market visibility, easy access to I-24 and close proximity to local schools — a perfect place to provide new homes for families interested in Middle Tennessee,” said Steve Sisson, president of VITA Development Group.

“We considered several locations in the area, but the Seven Oaks property, which already had multifamily zoning in place, and approved site and architectural plans made it an obvious choice for VITA Development Group,” said Bishop.

The land is surrounded on three sides by the Seven Oaks subdivision.

 
Fifth Third invests in Bordeaux affordable housing project

The Fifth Third Community Development Corp. on Tuesday announced an investment of $9.5 million in Hallmark Station, a new affordable housing project on vacant property behind the Bordeaux Kroger on Clarksville Pike.

Hallmark Station is the largest Low-Income Housing Tax Credit investment made by Fifth Third CDC in Tennessee. The project will create 66 apartment units available to people earning 60 percent or less of the area's median income.

“Fifth Third Bank is proud to invest $9.5 million in the Hallmark Station project,” said Don Abel, president and CEO of Fifth Third in Tennessee. “This community was greatly impacted by the May 2010 floods and a number of residents living along West Hamilton Road were not able to return to their homes. Through this commitment, we hope to directly address the ongoing need for affordable housing in the Bordeaux community.”

The 18-building, 66-unit mix will include 39 two-bedroom and 27 three-bedroom apartments. All units will be equipped with a refrigerator, dishwasher, stove, microwave, washer/dryer connection, central heating and air conditioning, ceiling fans and covered patios. Common-area amenities at Hallmark will consist of a clubhouse, picnic area, playground, off-street parking and on-site management.