A JLL Capital Markets debt advisory team has secured $76.8 million in financing for Denholtz Properties‘ purchase of 5150 JB Drive Apartments in Murfreesboro, Tenn., as reported earlier in Multi-Housing News.
The JLL Capital Markets team overseeing the two-year, floating-rate loan provided by Natixis Corporate & Investment Banking was led by senior managing directors Michael Klein, Jon Mikula and Brian Dawson, as well as associate Ryan Carroll and analyst Salvatore Buzzerio.
Denholtz acquired the property from its previous owner, Chandler Real Estate. The total sum of funds for the sale exceeded $100 million.
Located at 5150 Jack Byrnes Drive, the property is a 384-unit luxury, garden-style apartment community. The development is adjacent to Franklin Road and Tennessee Route 24, placing it within 25 miles of Nashville’s urban center and the city’s main cultural attractions.
Nashville’s multifamily on the rise
Nashville’s multifamily market continues to improve across the board, as the city becomes a hotbed of resident migration and multifamily construction and investment. The city’s occupancy rate has risen 170 basis points in the past year, topping off at 96.4 percent, with 18,368 units in its construction pipeline, according to a June 2022 report from Yardi Matrix. Demand continues to outpace supply, as the city saw $3 billion in transactions over the first half of 2022, data from the same report shows.
Other Nashville-area luxury endeavors include the groundbreaking of the 172-unit Clarendale West End, a 261,000-square-foot luxury senior living community, as well as PENLER’s sale of The Parkstone, a 240-unit luxury property in suburban Nashville.