Tennessee Portfolio Changes Hands
- Apr 22, 2019
Monarch Investment & Management Group has acquired a five-property, 665-unit portfolio in Jackson, Tenn., from McDowell Properties. McDowell Properties invested more than $3 million in capital improvements to the apartment communities since 2015, including interior and fitness center upgrades, exterior enhancements and clubhouse renovations.
All the properties in the portfolio are located within 4 miles of each other in Jackson, a city of more than 65,000 people between Memphis and Nashville. The assets are:
- Post House North, a 145-unit property located at 26 Revere Circle;
- Woods of Post House, a 122-unit property located at 39 Thistlewood Drive;
- Post House Jackson, a 150-unit property located at 26 Rachel Drive;
- The Oaks, a 100-unit property located at 842 N. Parkway;
- Bradford Chase, a 148-unit property located at 24 Williamsburg Village.
Robbie O’Bryan, Jimmy Adams and Brad Boston of Cushman & Wakefield represented McDowell Properties in the transaction. “These well-located properties are poised for continued growth in the expanding Jackson market,” O’Bryan commented in prepared remarks. “The properties and the buyer will benefit tremendously from organic rent growth and focused management.”
Just one multifamily project has been delivered in Jackson since 2014, bringing 120 units to the market, according to Cushman & Wakefield. Average sale prices in Jackson have nearly doubled in 2019, spiking from $70,147 per unit in 2018 to $137,255 during the year to date, Yardi Matrix data shows.
Monarch Investment & Management Group manages 51,779 apartment residences in 21 states. The company sold a 129-unit asset in Detroit‘s suburb of Sterling Heights to Burton Carol Management in January. Last November, Monarch purchased a 238-unit community in Reynoldsburg, a suburb of Columbus, Ohio, from Forum Real Estate Group.