JLL Closes $77.6M Sale of Three Nashville Mixed-Use Communities
- Jan 28, 2016
Nashville—JLL’s Capital Markets experts recently closed the $77.6 million sale of three mixed-use communities located in Nashville’s New Franklin submarket. JLL arranged the sale of the Lenox portfolio on behalf of seller Regent Partners.
The recently sold Lenox portfolio includes three properties:
- Lenox Village Town Center. The property offers 273 units and 35,009 square feet of retail space. Community amenities include a fitness center, business center, clubhouse, 618 parking spaces and media room. The four-story building features studio, one-, two- and three-bedroom floorplans with rents between $930 and $2,000, according to Yardi Matrix.
- The Regent Building. With a mix of residential and retail, this property features 18 units and 11,483 square feet of retail. The Regent Building is located at 6901 Lenox Village Drive.
- LV III. Located at 8044 Bienville Drive, this community features 183 garden-style units with studio, one- and two-bedroom floorplans. The three-story building offers amenities for residents such as clubhouse, lounge, sundeck, swimming pool and a pet friendly policy. The property was built in 2015.
“Lenox was offered as a portfolio or as individual buildings, and the fact that Preferred Apartment Communities opted to purchase the entire portfolio shows how strong renter and investor demand is for mixed-use product in Nashville,” Vince Lefler, senior vice president at JLL, said in prepared remarks. “This dynamic is particularly prevalent in south Nashville, where the market is extremely strong and shows no signs of slowing down.”
Lefler led the JLL team, which also included Managing Directors Derrick Bloom and David Gutting.
Image courtesy of Yardi Matrix