Top 5 Multifamily Transactions in Nashville
- Jul 13, 2021
After an initial health crisis-generated slowdown, Nashville’s economy has started to bounce back, as the low cost of living continues to fuel strong in-migration from more expensive coastal metros. This coupled with the growing presence of major companies, such as Amazon with its new Operations Center of Excellence and Oracle with its downtown expansion, have positioned the metro among the country’s fastest-growing metropolitan areas.
According to Yardi Matrix data, 45 transactions were recorded in metro Nashville year-to-date through June, amounting to nearly $1.9 billion and roughly 9,900 sold units. This marks an uptick over last year’s deal volume recorded in the same interval when some 8,700 units traded for $1.7 billion.
The list below highlights the top five transactions recorded in 2021 through June. Totaling $420 million, these sales make up 47 percent of the metro’s total deal volume in the first half of the year.
|Rank||Property Name||Units||Buyer||Seller||Total Sale Price (MM)|
|1||Viera Cool Springs||468||TruAmerica Multifamily||Lindemann Multifamily Management||$100|
|2||Bellevue West||560||Geringer Capital||Bascom Group||$94.5|
|3||Camden Franklin Park||328||Camden Property Trust||JPMorgan Asset Management||$89.1|
|4||Avana Overlook||452||Greystar||PASSCO Real Estate||$73.4|
|5||Sterling at Stonecrest||264||White Oak Partners||Southern Building Group||$62.7|
Source: Yardi Matrix
5. Sterling at Stonecrest
The first entry on the list is the $62.7 million sale of Sterling at Stonecrest in Smyrna, Tenn. White Oak Partners acquired the recently delivered 264-unit property from Southern Building Group. CBRE Capital Markets originated a $40 million Fannie Mae acquisition loan for the new owner. The financing is set to mature in 2031.
Situated at 400 Great Circle, the community is adjacent to Interstate 24 and less than 21 miles from downtown Nashville. Comprising four four-story buildings completed in 2020, the community offers studios and one- to three-bedroom options.
4. Avana Overlook
Greystar acquired the 452-unit Avana Overlook in Antioch, Tenn., for $73.4 million. CBRE Capital Markets originated $52 million in acquisition financing. PASSCO Real Estate had purchased the property in 2016 from Olympus Property for $51.4 million.
Located at 727 Bell Road, less than 2 miles from Interstate 24, the community is 7 miles from Nashville International Airport and almost 14 miles from the metro’s downtown. Consisting of one- to three-bedroom apartments in 19 three-story buildings, the community was completed in 1997.
3. Camden Franklin Park
Camden Property Trust purchased the 328-unit Camden Franklin Park for $89.1 million. The transaction marks the first sale of the luxury community since J.P. Morgan Asset Management completed it in late 2018.
Situated at 6300 Tower Circle in Franklin, Tenn., the asset is less than a mile from Interstate 65 and 18 miles south of downtown Nashville. The LEED Silver-certified building comprises one- to three-bedroom apartments.
2. Bellevue West
Bascom Group sold the 560-unit Bellevue West for $94.5 million after almost five years of ownership. The new owner, Geringer Capital, secured a $57.6 million, ten-year Freddie Mac acquisition loan originated by Greystone.
Completed in 1986, Bellevue West is located at 100 Ridgelake Parkway and is less than 12 miles southwest of downtown Nashville. The property comprises 58 buildings across a 65-acre site.
1. Viera Cool Springs
The largest transaction on the list and the only one to reach the $100 million mark is the sale of the 468-unit Viera Cool Springs in Franklin, Tenn. TruAmerica Multifamily acquired the property as part of a $196 million portfolio. Lindemann Multifamily Management, the seller, had purchased the asset in 2013 for $44 million.
Located at 300 Royal Oaks Blvd., adjacent to Interstate 65, the property is some 25 miles from downtown Nashville and comprises one- and two-bedroom apartments in 38 two-story buildings spread across 36 acres.