CBRE Pays $102M for Nashville Community
- Jun 24, 2019
Pollack Shores has sold The Gossett on Church, a recently developed 367-unit community in Nashville, Tenn., to CBRE Global Investors for $101.5 million, according to public records. The new owner has selected Greystar to lead property management for the luxury asset. Previously, Matrix Residential oversaw the building’s operations.
The deal is the latest part of CBRE’s nationwide expansion in the multifamily sector. According to Yardi Matrix, the buyer has purchased more than 2,500 units in the past year. A large part of the firm’s recent acquisitions consists of newly completed assets, including the 283-unit Olmsted Chamblee in Atlanta.
Located at 1201 Church St. in The Gulch neighborhood, The Gossett on Church is alongside Interstate 40, less than 1 mile from the Tennessee State Capitol. The trendy area was certified to the LEED Silver level for neighborhood development in 2008, due to its sustainable design, number of adaptively reused buildings and walkability.
The five-story building opened in early 2018 and contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 627 to 1,498 square feet. Additionally, the Class A property has three live-work units. The Gossett’s amenities include a saltwater swimming pool, a dog park and spa, EV charging stations and 9,000 square feet of street retail. In May, the community was 93.7 percent occupied, per data from Yardi Matrix.
A CBRE team led by Russ Oldham, Brett Kingman and Steve Massey acted on behalf of Pollack Shores in the deal.