Velocis Buys $72M Nashville Community

1 min read

Sherman Residential traded the property after three years of ownership.

Station 40. Image courtesy of Newmark

Velocis Partners has bought the 246-unit Station 40 in Nashville, Tenn., for $71.8 million. Newmark brokered the sale on behalf of the seller, Sherman Residential.

Barings Debt Funds provided $49.2 million to finance the acquisition, according to Yardi Matrix. The loan is set to mature in October 2024. The asset last traded in 2018, when the now-seller bought it for $51.8 million.

Built in 2016, the two-building community has a mix of studios and one- to three-bedroom units, ranging from 381 to 1,731 square feet. Select units offer direct walk-up access, while all units have keyless home access and Nest thermostats. Community amenities include a pool, bocce court, pet spa and dog park.

Sun Belt focus

Spanning 5.9 acres at 610 Sylvan Heights Way, Station 40 is near Interstate 40, roughly 5 miles from downtown Nashville. The property is also close to Charlotte Avenue, a mixed-use corridor with several retail, dining and entertainment options.

Thanks to a significant influx of residents in recent years, more than $1.4 billion of construction has been completed along a six-mile stretch of the avenue, according to prepared remarks from Vincent Lefler, managing director at Newmark.

Velocis Partners, a private equity real estate fund manager focused on Sun Belt markets, entered the multifamily real estate market at the end of 2020 when it acquired Beverley, a 201-unit community in Charlotte, N.C. At the beginning of this year, Velocis also added The Saint Mary to its portfolio, a 240-unit community in Austin, Texas. Overall, the firm currently owns five properties in Texas, North Carolina and Tennessee.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.