Continental Realty Corp., a Baltimore real estate firm, has acquired a 320-unit Tennessee apartment community for $47.3 million.
The community, called Bell Murfreesboro, encompasses 38 three-story buildings on a 16.4 acre site. Built in 2008, the property is located in Murfreesburo, about 35 miles southeast of Nashville.
Continental Realty purchased the property from Bell Partners Inc.
"Establishing a foothold in Rutherford County and Murfreesboro with this excellently-maintained and leased property provides us with a strong foundation to pursue additional value-add opportunities as we seek to build critical mass in the greater Nashville region," said Ari Abramson, Vice President of Acquisition of Continental Realty, in a statement.