Nashville Multifamily Wrap-Up – March 2020
- Mar 30, 2020
Transaction and development activity in Nashville moved at a steady pace through most of March: Two notable multifamily projects received construction financing, and several communities changed hands. While there are numerous concerns over the impact of COVID-19 on the sector, developments continued to move forward. Although the metro’s health department issued a safer at home order to combat the new coronavirus’ spread, construction and real estate services were initially exempted as essential businesses. Here is our March list of Nashville must-reads:
1. FINANCING – Westplan Investors gets $27.8 million for 236-unit project.
Citizens Bank provided the construction loan, according to public records. The borrower acquired the 5-acre land parcel for $7.2 million from Core Development Services last December. Located at 2165 Nolensville Pike, the site is close to the historic Nashville Fairgrounds, where a $275 million Major League Soccer stadium is underway.
2. DEVELOPMENT – TDK Cos. breaks ground on Century Farms project.
U.S. Bank provided financing for the development of the 212-unit community, according to Nashville Business Journal. The developer bought the project site for $2.9 million from Oldacre McDonald, which is spearheading the overall Century Farms development. TDK’s community has an estimated cost of $40 million and is slated for completion in 2021. Elmington Property Management will oversee operations.
3. DEAL – TriBridge Residential pays $52.2 million for Hillsboro Village portfolio.
GBT Realty sold the 177-unit portfolio, which included the 101-unit Village 21 and the 76-unit Belcourt Park. The new owner financed the acquisition with a $33.5 million acquisition loan from Fidelity Life. Located at 1620 21st Ave. S. and 1710 Belcourt Ave., the communities came online in the past three years.
4. PEOPLE – CBRE appoints new vice chairman.
K.O. Kennedy moved into the role from his previous position as executive vice president. He joined the firm in 2006 when he opened the Nashville office and started the local Debt and Structured Finance Group. In his 14 years with the company, he has secured transaction financing of more than $11 billion. Before joining CBRE, he worked at Laureate Capital.
5. DEAL – NexPoint Residential Trust sells 464-unit portfolio.
The company closed the disposition of two communities for $33.1 million. The 244-unit Willow Grove, located at 308 Plus Park Blvd., opened its doors in 1973. The second property, the 220-unit Woodbridge, was completed in 1980 and is situated at 231 Bridgeway Circle. The assets last traded in 2014 as part of $51.2 million portfolio sale from Grover & Corlew which included another property, according to Davidson County records.