Nashville-Area Asset Trades for $64M
- Aug 04, 2021
Olen Properties has acquired Creekside at Providence, a 209-unit community in Mt. Juliet, Tenn., for $64 million. CBRE represented the seller, Raia Properties.
Creekside at Providence last traded in 2017, when Raia Properties purchased the asset for $42.2 million from The Dobbins Group, according to Yardi Matrix data. The 2017 transaction was financed with a $27.9 million permanent loan funded by Fannie Mae. The loan, originated by Walker & Dunlop, features an interest rate of 4.09 percent and is set to mature in 2024.
Creekside at Providence
Located at 1001 Providence W. Parkway, the property offers one-, two- and three-bedroom units with floorplans ranging from 735 to 1,447 square feet. Completed in 2015 on a nearly 18-acre site, the community features 14 two- and three-story buildings.
Creekside at Providence offers a fitness center, a saltwater pool, a fire pit, two grilling areas, a playground, a game room, a coffee station as well as a cyber cafe. The pet-friendly community also has a bark park and a pet station.
Creekside at Providence is adjacent to Providence Marketplace, a lifestyle center sprawling on 103 acres that offers a wide selection of restaurants as well as national and local retailers. The community is less than a mile from Interstate 40 and roughly 18 miles east of downtown Nashville.
The CBRE team that facilitated the disposition included Russell Oldham, executive vice president, and Brett Kingman, senior vice president. Recently, another CBRE team arranged the $65 million sale of a garden-style community in Tampa, Fla.
Mt. Juliet’s population expanded by nearly 35 percent over the past five years, according to CBRE, making the city one of Tennessee’s fastest-growing markets. This is in line with a rising in-migration trend across the whole metro, boosting demand for multifamily units and putting upward pressure on rents.
According to the most recent Yardi Matrix Multifamily Report for Nashville, rents in the metro were up 0.5 percent on a trailing three-month basis through April.