Nashville Multifamily Wrap-Up – September 2020

Charleston Hall. Image courtesy of Magma Equities

In September, Tennessee recorded a slight uptick in the number of new coronavirus cases. Regardless, the governor lifted restrictions on some business activities. However, local governments continue to enforce safety regulations, such as mask wearing and self-isolation measures. While Nashville’s previously booming hospitality sector still struggled to move forward, the Music City’s multifamily market moved ahead at a slow but steady pace. Here’s our selection of September Nashville must-reads:

1. DEVELOPMENT – Brookfield Properties opens 380-unit property.

The Place is the 34-story residential component of the Fifth + Broadway project downtown. According to Nashville Business Journal, the asset is the first component of the $450 million project to open. Other plans for the development include an office tower with the National Museum of African American Music and several shopping and dining options. According to Yardi Matrix, The Place comprises studio, one-, two- and three-bedroom units. The tower was built by Skanska USA.

2. DEAL – Snell Properties acquires 270-unit resort-style community.

The Retreat at Iron Horse traded for $82.9 million, according to Nashville Post. Built in 2019, the community is located at 1000 Iron Horse Lane in Franklin. The 13-building asset comprises one-, two- and three-bedroom units with quartz countertops and wood-style flooring. Common-area amenities include a swimming pool, a fitness center, a dog park and grilling stations. The new owner retained Embrey Partners as property manager. Russ Oldham and Brett Kingman of CBRE represented the seller.

3. FINANCING – Core Development scores $19.3 million construction loan.

Reliant Bank originated the financing for the development of the 163-unit community. High View Cottages and Flats will encompass 88 for-sale condos in two buildings and 75 individual cottages. The unit mix will have studio, one- and two-bedroom floorplans between 668 and 1,240 square feet. The cottages will have two- and three-bedroom floorplans, ranging from 1,412 to 1,998 square feet. The location is 1 mile east of Interstate 24 and 4 miles northeast of the city center.

4. DEAL – Magma Equities acquires Smyrna community for $27 million.

Kirkland Cos. represented the seller, a private investor. Charleston Hall Apartments is a 194-unit community located at 351 Sam Ridley Parkway E., on approximately 9 acres. Built in phases between 1986 and 1996, the property has one-, two- and three-bedroom apartments and townhome units. Amenities include a basketball court, swimming pool and playground. Elmington Property Management is now overseeing the community’s operations.

5. FINANCING – Volunteer Properties scores $33.3 million refi for 434-unit community. 

According to Yardi Matrix, Colliers secured the Fannie Mae financing, on behalf of the borrower. Built in two phases between 1984 and 1986, Piccadilly Apartments comprises one-, two- and three-bedroom units. Common-area amenities include a fitness center, a clubhouse, a tennis court and two swimming pools. The property also has 880 parking spaces. Located at 500 Windsor Green Blvd. in Goodlettsville, the 27-building asset is just off Interstate 65.

6. FINANCING – Alpha Capital Partners secures $30 million construction loan.

According to Yardi Matrix, Axos Bank originated the loan. Park Ridge is a 320-unit development located at 1501 Herman St. within an Opportunity Zone. Construction on the project is set to start before the end of the year. The community is slated to include 4,000 square feet of retail. The 2.4-acre site is within 1 mile of downtown Nashville.