SOUTHFIELD, MICH. — Southfield-based American House Senior Living Communities has acquired 13 seniors living communities in Tennessee totaling 875 units. Seniors housing giant Ventas sold the portfolio for an undisclosed price. The properties were formerly Elmcroft Senior Living campuses and will be rebranded as American House Senior Living Communities. With this new portfolio, Southfield-based American House will now manage a total of 70 independent living, assisted living and/or memory care facilities. The portfolio includes the following properties: – American House Bartlett features 66 assisted living apartments and is located at 3345 Kirby Whitten Road in Bartlett. – American House Brentwood features 60 assisted living and memory care apartment units, and is located at 5436 Edmondson Pike in Brentwood. – American House Bristol features 83 assisted living and memory care apartment units, and is located at 826 Meadow View Road in Bristol. – American House Halls features 53 assisted living and memory care apartments, and is located at 7521 Andersonville Pike in Knoxville. – American House Hamilton Place features 49 assisted living and memory care apartments and is situated at 1502 Gunbarrel Road in Chattanooga, near the Georgia and Tennessee border. – American House Hendersonville is located at 1020 Carrington Place …
The mountaintop of multifamily transactions was blown off in 2020 and 2021. Sales transactions are up 300 percent from 2017. Chattanooga’s hot market has gone from $150 million in transactions to nearly $500 million. Hungry investors have found prices lower than in many other desirable cities, the cap rates higher, attractive rental price increases and the locale unbeatable. Two-bedroom apartment rents are up over 17.6 percent in 2021 according to a recent local study yet still 19 percent below the average rate nationally. Residential price increases have outpaced the multifamily increases and made many single-family homes unaffordable for first-time homebuyers, further feeding the apartment demand. In addition to the volume of transactions increasing by some 300 percent, the sales price per door has risen significantly. In 2017 the average price per door for the market was $69,459 and in 2021 we are seeing $132,125 for a 90.2 percent increase. This statistic includes all product classifications. Class A prices per door have increased from $107,193 to $163,488. This is an increase of 52.5 percent. Class C product has risen from $46,176 to $93,308 per door. This indicates a 102 percent growth. Class C has outpaced all other classes in the last …
CHATTANOOGA, TENN. — NAI Charter has brokered the sale of an office building located at 505 Riverfront Parkway in downtown Chattanooga. Trident Transport, a Chattanooga-based freight brokerage and logistics business, purchased the office building for $6.2 million. Robert Maclellan of NAI Charter arranged the transaction. Previously occupied by hotel operator 3H Group, the 23,000-square-foot office property will serve as Trident Transport’s new headquarters as the company relocates from its current office on Chestnut Street. This year, Trident added about 150 people to its staff, and the company plans to hire approximately 125 more people next year.
KNOXVILLE, TENN. — LawlerWood has sold Tyson Court, a 30-unit multifamily property located in downtown Knoxville. Daniel Odle and Sam Harrell represented the seller, an entity known as Tyson Court LLC, internally in the transaction. An entity known as Tyson Court Apartments LLC purchased the property for $6.6 million. Built in 2019, Tyson Court offers studio, one- and two-bedroom floorplans. Units feature quartz countertops, modern cabinetry, stainless steel appliances and washer and dryers in each unit. The property also has on- and off-street parking for all units. The property was fully occupied at the time of sale. Located at 140 Jennings Ave., the property is situated off of North Central Street close to retailers and restaurants such as Wicked Chicken, Chivo Taqueria, Emilia, K Brew, Knox Food Park and Marble City Market, a food court. Additionally, the property is two miles from the University of Tennessee.
FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …
GOODLETTSVILLE, TENN. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022. Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, according to the retailer. Dollar General, which is based in Goodlettsville near Nashville, debuted the Popshelf concept last fall and opened its first two stores in Tennessee in October 2020. At the end of its fiscal third quarter, Dollar General operated 30 Popshelf stores in six states and 14 store-within-a-store formats, which combine the offerings of Popshelf with DG Market, a larger footprint store that focuses on groceries. By February 2022, Popshelf is on track for 50 stores, as well as up to 25 store-within-a-store formats. “Throughout Popshelf’s first year, we’ve been very pleased by the customer demand for the concept’s on-trend merchandise, price points and shopping experience,” says Emily Taylor, Dollar General’s executive vice president and chief merchandising officer. “Popshelf is an integral …
NASHVILLE, TENN. — Miami- and New York-based Property Markets Group (PMG) has purchased land at 915 Division St. in Nashville’s Gulch district. The firm plans to develop the site into Society Nashville, a 471-unit, 16-story mixed-use apartment project. Market Street sold the property for $22 million. Tarek El Gammal of Newmark’s Nashville office brokered the land transaction. Society Nashville will feature 7,500 square feet of retail space and 463 parking spaces. Slated for delivery in early 2024, the development will include a mix of traditional units and co-living options. Community amenities will include a pool deck, fitness center and coworking facilities. Baker Barrios Architects Inc., an Orlando-based architectural firm, is the designer for the project. The development is a joint venture between PMG, New York and Miami-based New Valley Realty and New York-based RMWC. Society Nashville will be part of PMG’s Society Living brand, which was created to offer reasonable rents near urban areas. The brand has a focus on mostly market-rate apartments but offers to make co-living easier by eliminating shared bathrooms, splitting up the bills and helping residents to find roommates. In May 2020, Society Las Olas opened in downtown Fort Lauderdale, Fla. Additionally, Society Biscayne in downtown …
MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.
NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.
CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant. In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short …