Nashville Multifamily Wrap-Up – November 2020
- Dec 02, 2020
November in Nashville brought a steady stream of multifamily activity, particularly in the metro’s high-end, well-positioned assets as investors poured capital into portfolio expansions. Furthermore, both institutional lenders and government-sponsored enterprises continue to fund new developments and refinance debt on existing properties. Catch up on our November selection of Nashville must-knows:
1. DEAL – Nuveen pays $86 million for high-end community.
Lennar Multifamily Communities finalized the sale of Octave Apartments, a 321-unit property. Delivered in 2017, the four-building community occupies 4 acres at 2350 Eighth Ave. S. In 2014, the seller and developer took out a four-year, $35.6 million construction loan from Branch Banking and Trust Co. Amenities include a gym, yoga studio, saltwater pool, cyber café and business center.
2. DEVELOPMENT – Southern Building Group kicks off construction of 289-unit project.
The company’s Sterling at Nashville West is scheduled to deliver in the second quarter of 2022, according to Nashville Post. The unit mix includes one- to three-bedroom apartments. The developer acquired the 14-acre site at 7116 Charlotte Pike for $5.3 million in December 2019. In September, the firm took out a 28-year, $45 million construction line of credit from Wilson Bank & Trust, Davidson County records show.
3. DEAL – LivCor acquires newly built property for $105 million.
Alliance Residential Co. sold Broadstone Stockyard, a 342-unit community, Nashville Business Journal reported. In October 2018, the seller and developer financed the project with a $48.8 million mortgage from Santander Bank, according to Yardi Matrix. The property consists of two five-story buildings located on 3 acres at 222 Stockyard St. The unit mix has studio, one- and two-bedroom floorplans ranging between 576 and 1,795 square feet.
4. FINANCING – First Cumberland Properties takes Freddie Mac affordable refi.
The company took the 10-year, $12.9 million refinancing package for Wedgewood Towers, a fully-affordable, age-restricted property. Walker & Dunlop secured the 10-year note, Yardi Matrix data shows. The 121,563-square-foot community has one-bedroom apartments along with laundry facilities and a clubhouse. Situated on 3 acres at 1195 Wedgewood Ave., the 10-story building was completed in 1975.