Tennessee

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

by Alex Tostado October 22, 2019

KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.

October 22, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Cranes Inhabit Nashville Skies as Office Market Booms With New Projects

by John Nelson October 22, 2019

With more than 30 cranes in Nashville’s skies, it’s safe to say the Music City commercial real estate market is humming along. In fact, Davidson County approved $4.2 billion of commercial and residential construction permits in the 2018-2019 fiscal year, according to the Nashville Business Journal. Over the last three fiscal years, the county approved $11.4 billion in permits. While that’s an outstanding level of capital investment in a county with under 900,000 residents, it should be noted that Nashville’s MSA comprises 1.9 million residents encompassing 13 counties — all of which are experiencing record levels of construction permits. New companies coming to the city are driving the office market and construction demand, with several large announcements in the last year including Amazon, AllianceBernstein and Mitsubishi, and the city is continues to rapidly attract companies in the financial services, tech and healthcare industries. With a limited number of buildings available for adaptive reuse, most development taking place in the market is new construction. In fact, more than 460,000 square feet of Class A space was delivered in the third quarter of 2019. The majority of that figure was in Midtown and the Cool Springs/Franklin submarkets, with Aetna and Ramsey Solution’s …

October 22, 2019

Development Hospitality Southeast Tennessee

CBL Properties, Vision Hospitality Break Ground on Aloft by Marriott in Chattanooga

by Alex Tostado October 15, 2019

CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group Inc. have broken ground on a 135-room Aloft by Marriott in Chattanooga. The project is part of a redevelopment plan for a former Sears location at Hamilton Place mall. Aloft Chattanooga Hamilton Place will be located between The Cheesecake Factory and the future Dave & Buster’s. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using a smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga.

October 15, 2019

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Acquires 224-Unit Multifamily Property in Nashville

by Alex Tostado October 10, 2019

NASHVILLE, TENN. — Hamilton Zanze has acquired Rivertop Apartments, a 224-unit multifamily community in Nashville. The property offers one-, two- and three-bedroom floor plans ranging from 878 to 1,418 square feet. Community amenities include a resident clubhouse, swimming pool, 24-hour fitness center, bocce ball court, dog park, pet spa, outdoor grills and firepits. Rivertop is located at 5800 River Road, nine miles southwest of downtown Nashville. The seller, Birmingham-based LIV Development, opened the property earlier this year. The sales price was not disclosed.

October 10, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 360-Unit Multifamily Community in Metro Nashville

by Alex Tostado September 25, 2019

ANTIOCH, TENN. — A joint venture between Admiral Capital Group and Security Properties has bought Cambridge at Hickory Hollow, a 360-unit multifamily community in Antioch. The garden-style complex was built in 1997 and is located 15 miles southeast of downtown Nashville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, breakfast bar, fitness center, swimming pool, outdoor kitchen, fire pit and package receiving service. The seller and sales price were not disclosed.

September 25, 2019

Development Multifamily Southeast Tennessee

Beach Co. Breaks Ground on Apartment Complex in Downtown Nashville

by Alex Tostado September 16, 2019

NASHVILLE, TENN. — The Beach Co. has broken ground on Sixth South, an apartment complex in downtown Nashville that will feature 299 multifamily units and 5,400 square feet of retail space. Communal amenities will include a saltwater swimming pool, pool deck, outdoor kitchens, pet spa, club room and a fitness center. The Beach Co. expects to complete Sixth South in summer 2021. JC Darby and Jon Petty with Southeast Venture are the listing agents for the retail space.

September 16, 2019

Acquisitions Multifamily Southeast Tennessee

Monument Capital Acquires 216-Unit Multifamily Community in Eastern Tennessee

by Alex Tostado September 11, 2019

JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.

September 11, 2019

Acquisitions Multifamily Southeast Tennessee

CBRE Arranges Sale of Historic Multifamily Community in Nashville

by Alex Tostado August 28, 2019

NASHVILLE, TENN. — CBRE has arranged the sale of Hayes House, a 201-unit multifamily community in Nashville’s Hillsboro Village neighborhood. Hayes House was built in two phases in 1924 and 1997. Hayes House offers studio through three-bedroom floor plans and communal amenities such as a swimming pool, fitness center, business center and clubhouse. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented the seller, Nicol Investment Co., in the transaction. An undisclosed buyer acquired the property. The sales price was not disclosed.

August 28, 2019

Development Office Southeast Tennessee

Highwoods to Develop $37.8M Office Building in Metro Nashville

by Alex Tostado August 21, 2019

BRENTWOOD, TENN. — Highwoods Properties will develop Virginia Springs II, a 111,000-square-foot office building within Maryland Farms in Brentwood. The company expects to invest $37.8 million in the development. Virginia Springs II is the second of two office buildings Highwoods has planned, joining the 113,000-square-foot Virginia Springs I, which was delivered earlier this year. Amenities at Virginia Springs II will include outdoor common areas, modern architecture and access to Powell Park and Maryland Farms Greenway. The office building will be situated 12 miles south of downtown Nashville. Construction is scheduled to begin in the third quarter, with targeted completion in the third quarter of 2020 and projected stabilization in the third quarter of 2022.

August 21, 2019

Acquisitions Florida Multifamily Southeast Tennessee

NexPoint Residential Trust Agrees to Buy Two Apartment Complexes in South Florida, Nashville for $384.3M

by Alex Tostado August 14, 2019

PEMPROKE PINES, FLA. AND NASHVILLE, TENN. — NexPoint Residential Trust Inc. has agreed to buy the 1,520-unit Pembroke Cove Apartments in South Florida for $322 million and the 346-unit Arbors of Brentwood in Nashville for $62.3 million. Pembroke Cove Apartments is situated at 13401 NW 5th St., 24 miles north of downtown Miami. The property offers one- through three-bedroom floor plans. Communal amenities include a swimming pool, hot tub, clubhouse, fitness center, tennis courts, racquetball courts, basketball courts, playground and a billiards room. The community was 96 percent occupied at the time of the agreement. The seller was not disclosed. Arbors of Brentwood is located at 100 Brentwood Place, 10 miles south of downtown Nashville. The complex offers one- through three-bedroom floor plans. Community amenities include a fitness center, three swimming pools, outdoor kitchen, business center, pet park, playground, tennis court and outdoor picnic and grilling area. The seller was not disclosed. NexPoint expects both sales to close by Aug. 30.

August 14, 2019

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