REBusinessOnline

LRC Properties, Rialto Capital Purchase Industrial Portfolio in Memphis for $57M

MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed.The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the …

Portobello Taps Avison Young to Raise $80M in Construction Financing for Manufacturing Facility Near Nashville

BAXTER, TENN. — Avison Young has been chosen by Portobello America to raise around $80 million in construction financing for a manufacturing facility in Baxter. Portobello selected Tim Hall and Jim Hanson of Avison Young to raise the capital, which will fund Phase I of construction. Upon completion, the facility will produce ceramic tiles and will also serve as Portobello’s U.S. headquarters.Portobello Group, a tile manufacturer and distributor headquartered in Brazil, estimates the …

GTIS Partners Sells Single-Family Rental Portfolio for $300M

ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million.GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total …

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers.Parke West will also have a 450-space underground parking structure that will serve both towers.Developed, owned and …

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI).CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to …

Alliance Residential Co. Purchases Two Acres in Nashville for Broadstone OneCity Apartment Development

NASHVILLE, TENN. — Alliance Residential Co. has purchased nearly two acres for the development of Broadstone OneCity, a luxury multifamily community located at 7 City Place in Nashville. The price and seller were not disclosed. Construction is scheduled to begin this year with first residents moving in spring of 2023.Designed by architect Dynamik Design and civil engineer Catalyst Design Group, Broadstone OneCity will include 261 studio, one- and two-bedroom luxury apartment units …

Capstone Brokers $14M Sale of Bouldercrest Apartments in Knoxville

KNOXVILLE, TENN. — Capstone Apartment Partners has brokered the $14 million sale of Bouldercrest Apartments, a 180-unit multifamily community located along Interstate 640 in Knoxville. Adam Klenk, Tyler Mayo, Luke Searcy and Jordan Arand of Capstone represented the buyer, an entity doing business as Bouldercrest GP, in the transaction. The Northeast-based firm plans to modernize unit interiors and enhance the community’s amenity package.Built in 1986, Bouldercrest Apartments includes …

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio.The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, …

CBRE Global Investors Provides $52M Acquisition Loan for Avana Overlook Apartments in Nashville

NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed.The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and …

SRS Brokers $18M Sale of Kroger-Anchored Shopping Center in Metro Nashville

ANTIOCH, TENN. — SRS Real Estate Partners has brokered the sale of the Shoppes at Hickory Hollow, a 144,469-square-foot, Kroger-anchored shopping center in Antioch. The sellers, Mishorim USA Inc., Park One USA Inc. and Gold Investments USA Inc., sold the property to an entity doing business as FNRP CV LLC for $18 million.The center is situated at 5319 Mount View Road next to Mount View and Bell roads in metro Nashville. Built in 1986 on approximately 12.9 acres, the center is roughly 97 …

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