Lennar Sells Nashville Luxury Community for $86M

The 321-unit Class A community delivered in 2017, backed by a $35.6 million construction loan.
Octave Apartments

Lennar Multifamily Communities has completed the $86.1 million disposition of Octave Apartments, a 321-unit luxury property in Nashville, Tenn. Nuveen Real Estate acquired the asset, according to Davidson County records.

Located on 4 acres at 2350 Eighth Ave. S., the community encompasses four buildings completed in 2017. In 2014, the seller received a four-year, $35.6 million development loan from Branch Banking and Trust Co. for the project.

The unit mix has studio, one- and two-bedroom floorplans, with sizes ranging from 541 to 1,149 square feet. The amenity package includes a saltwater swimming pool, gym with yoga studio, business center, cyber café and outdoor picnic area.

Situated next to the Eighth Avenue South retail corridor, the property is a short distance from the junction between interstates 65 and 440. Additionally, the community is within 2 miles of Belmont University and Vanderbilt University’s main campus. Downtown Nashville is 3 miles north.

In February, Lennar finalized the sale of Crest at Las Colinas, a 374-unit community in the Dallas suburbs. Draper and Kramer Inc. acquired the asset, backed by two notes from MassMutual totaling $34.4 million.