Tennessee

Capstone Brokers $14M Sale of Bouldercrest Apartments in Knoxville

by Julia Sanders June 1, 2021

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 studio, one- and two-bedroom apartment homes with fully equipped kitchens, vaulted ceilings, washer/dryer connections, walk-up attic storage and a patio or balcony. The community was 96.1 percent occupied at the time of sale.

June 1, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

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

by Julia Sanders May 27, 2021

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, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

May 27, 2021

Acquisitions Loans Multifamily Southeast Tennessee

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

by Julia Sanders May 27, 2021

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 balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.

May 27, 2021

Acquisitions Retail Southeast Tennessee

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

by Julia Sanders May 20, 2021

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 percent leased to tenants such as Citi Trends, Octapharma Plasma, EmbroidMe, PostalAnnex, Republic Finance and Little Caesars Pizza. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer was self-represented. Shoppes at Hickory Hollow is the second Kroger-anchored transaction that SRS has brokered this year.

May 20, 2021

Acquisitions Office Southeast Tennessee

Rubicon Equities, Meritage Group Purchase Downtown Nashville Office Building for $95M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Rubicon Equities and Meritage Group LP have purchased Capitol View Plaza, a Class A office building located at 1 Lifeway Plaza in downtown Nashville, for $95 million. Capitol View Plaza was built in 2017 on the site of the previous headquarters of Lifeway Christian Resource. The property is part of the 32-acre Capitol View master planned community developed by Boyle Investment Co. The property is the third investment for Rubicon and Meritage in Nashville. David Atchison and Brian Casey of Colliers International represented the undisclosed seller in the transaction. Stream Realty and Sandeema Co. are enlisted to market the building for lease. Rubicon Equities is a Nashville-based real estate investment and development firm with over $500 million of assets under management. Meritage Group LP is a private investment firm based in San Francisco that invests in public and private equity, credit and real estate.

May 17, 2021

Acquisitions Mixed-Use Southeast Tennessee

Continental Realty Acquires 111 Broadway in Downtown Nashville for $36M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.

May 17, 2021

Acquisitions Office Retail Southeast Tennessee

Marcus & Millichap Brokers $8.5M Sale of Friars Branch Crossing Center in Chattanooga

by Julia Sanders May 17, 2021

CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.

May 17, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Machine Investment Buy 2 Dell Parkway Warehouse Property in Nashville for $36.2M

by Julia Sanders May 14, 2021

NASHVILLE, TENN. — LRC Properties has bought 2 Dell Parkway, a 288,860-square-foot property comprising mostly warehouse and office space adjacent to Nashville International Airport. LRC Properties co-purchased the property with Machine Investment Group for $36.2 million. Randy Wolcott of Northstar represented the undisclosed seller in the transaction, and Melissa Alexander of Foundry Commercial represented the buyers. The property is currently 100 percent leased to Averitt Express and Amazon, which operates its Amazon flex business line from the location. The new ownership group plans to reposition the property by creating a shallow bay, last-mile warehouse and distribution space. Plans include expanding the property’s warehouse capabilities by removing the office and converting the building’s first floor to industrial warehouse space for smaller users in a 20,000- to 40,000-square-foot space. In addition, LRC will also develop an additional estimated 120,000 square feet of shallow bay warehouse space and add trailer parking. 2 Dell Parkway is LRC’s second investment in Tennessee in the past six months. In December, the New York City-based company purchased the 640,000-square-foot Technicolor Building in Memphis. With this purchase, LRC owns approximately 5 million square feet of commercial properties in the Southeast.

May 14, 2021

Acquisitions Alabama Florida Georgia Multifamily North Carolina Single-Family Rental Southeast Tennessee

Transcendent Electra Acquires 1,889 New Single-Family Rental Homes in Sun Belt Markets

by Julia Sanders May 3, 2021

MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.

May 3, 2021

Development Multifamily Southeast Student Housing Tennessee Top Stories

Public-Private Partnership Breaks Ground on 616-Bed Student Housing Project in Nashville

by Taylor Williams May 3, 2021

NASHVILLE, TENN. — A public-private partnership between Balfour Beatty Campus Solutions, Axium Infrastructure and Vanderbilt University has broken ground on a 616-bed student housing project in Nashville. The total cost of the project was not disclosed, but the Nashville Post and Nashville Business Journal both reported late last week that the development team received approximately $107 million in construction financing. According to Vanderbilt University’s news service, construction of the project was originally scheduled to start last summer but was delayed due to COVID-19. The community will be located on Broadway between Lyle and 20th avenues and will include 25,000 square feet of retail space. The new residence hall will offer a mix of studio, one- and two-bedroom units targeting graduate and professional students. Residences will be furnished with full washers and dryers, and costs of utilities will be included in rent. Shared amenities will include a 13,000-square-foot collaboration space with a dedicated area for academic and entrepreneurial endeavors, private study spaces, fitness center and a public courtyard. “Providing an updated housing option with modern amenities in a vibrant neighborhood convenient to campus will further the university’s goal to recruit the best graduate and professional students and provide them with an …

May 3, 2021

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