Tennessee

Marcus & Millichap Arranges Sale of Six-Property Self-Storage Portfolio in Metro Memphis

by Camren Skelton October 18, 2017

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of a six-property self-storage portfolio in metro Memphis. Charles LeClaire and Adam Schlosser of Marcus & Millichap arranged the transaction on behalf of the seller, Amsdell Cos., and procured the buyer, Merit Hill Capital. Anne Williams of Marcus & Millichap also assisted in closing the transaction. Three of the properties are located in Tennessee and the other three are located in northern Mississippi. The portfolio totals 337,846 square feet and includes 2,391 units and 297 outdoor parking spaces. Constructed between 1983 and 2006, the single-story, drive-up buildings feature a mix of climate- and non-climate-controlled units. Amenities include perimeter fencing, electronic gate access, 24-hour video surveillance and onsite leasing offices. The portfolio also includes two billboards, one cell tower and a commercial tenant generating additional revenue.

October 18, 2017

Multifamily Southeast Tennessee

North American Properties Delivers 361-Unit Apartment Community Near Nashville

by Camren Skelton October 12, 2017

FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.

October 12, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

Multifamily Southeast Tennessee

Michaelson Acquires Apartment Community in Knoxville for $17.8M

by Camren Skelton October 10, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group has purchased Viera Cedar Bluff, a 184-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $17.8 million. Located at 424 N. Cedar Bluff Road, the community is roughly 10 miles west of downtown Knoxville. Viera Cedar Bluff includes one- and two-bedroom floor plans with an average size of 849 square feet. Constructed in 1986, the community was recently renovated to include repaved parking lots, new roofs and interior and exterior updates, including renovated hardwood flooring and stainless steel appliances. Community amenities include a pool, fitness center, business center, hiking and jogging trails and an on-site laundry facility.

October 10, 2017

Florida Hospitality Loans Southeast Tennessee

Sonnenblick–Eichner Arranges $135.8M Refinancing of 11 Hilton-Branded Hotels in Southeast, Midwest

by Camren Skelton October 6, 2017

BEVERLY HILLS, CALIF. — Sonnenblick-Eichner Co. has arranged a $135.8 million loan for the refinancing of 11 Hilton-branded hotels located in Florida, Tennessee and Michigan. The California-based company arranged the five-year, floating rate loan on behalf of Memphis, Tenn.-based Cooper Hotels. The portfolio includes the following Southeast properties: Hilton Naples in Naples, Fla.; Hilton Orlando/Altamonte Springs in Orlando, Fla.; Homewood Suites by Hilton Fort Myers Airport in Fort Myers, Fla.; DoubleTree by Hilton Memphis in Memphis; DoubleTree by Hilton Murfreesboro in Murfreesboro, Tenn.; DoubleTree by Hilton Oak Ridge in Knoxville, Tenn.; DoubleTree by Hilton Johnson City in Johnson City, Tenn.; and DoubleTree by Hilton Jackson in Jackson, Tenn. The Michigan hotels in the portfolio include Embassy Suites by Hilton Detroit Metro Airport, Hilton Garden Inn Detroit Metro Airport and Hampton Inn & Suites Detroit/Airport-Romulus, all of which are located in the Detroit suburb of Romulus.

October 6, 2017

Multifamily Southeast Tennessee

Coastal Ridge, H. Katz Capital Purchase Apartment Asset in Memphis for $56.6M

by Camren Skelton October 5, 2017

MEMPHIS, TENN. — Coastal Ridge Real Estate, in partnership with H. Katz Capital, has purchased The Preserve at Forest Creek, a 414-unit apartment community in Memphis, for $56.6 million. The joint venture acquired the asset from LivCor, a wholly owned subsidiary of Blackstone. Constructed in 2008, The Preserve at Forest Creek offers one- to three-bedroom units with monthly rents ranging from $929 to $1,518. Community amenities include a clubhouse with a bar, heated swimming pool, indoor sports court, fitness center, lighted tennis court, playground and detached garages. Located at 9230 Thornbury Blvd., the property is situated at the entrance to the Noncannah Technology Corridor, which is anchored by FedEx’s World Headquarters and FedEx’s World Tech Campus.

October 5, 2017

Hospitality Southeast Tennessee

North Point Hospitality Tops Off $140M Tri-Branded Marriott Hotel in Nashville

by Camren Skelton October 4, 2017

NASHVILLE, TENN. — Atlanta-based North Point Hospitality Group has topped off construction of a 21-story, tri-branded Marriott hotel in Nashville’s SoBro neighborhood. The $140 million hotel, located at 410 5th Ave. S., includes a 125-room SpringHill Suites, a 136-room Residence Inn and a 209-room AC Hotel. The development is the country’s first tri-branded Marriott hotel. Guests of the three hotels will have access to the shared amenities, which will include an indoor/outdoor pool, pool bar, fitness center, 11,000 square feet of ground floor retail and restaurant space, 9,000 square feet of flexible meeting space and a top floor bar and patio with panoramic views of the Nashville skyline. North Point Hospitality will manage the property, and other project team members include architect Lindsay Pope Brayfield & Associates, interior designer Design Continuum Inc., general contractor JE Dunn Construction and construction management services provided by Acumen Development Partners. SunTrust Commercial Real Estate provided construction financing for the project. The hotel is slated to open to the public in the third quarter of 2018.

October 4, 2017

Florida Georgia Loans Retail Southeast Tennessee

HFF Arranges $110M in Financing for Six-Property Grocery-Anchored Portfolio Across Southeast

by Camren Skelton October 3, 2017

ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.

October 3, 2017

Alabama Loans Multifamily Southeast Tennessee

KeyBank Arranges $32.5M for Refinancing of Two Apartment Communities in Tennessee, Alabama

by Camren Skelton September 28, 2017

CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.

September 28, 2017

Multifamily Southeast Tennessee

Michaelson, Eklund Purchase Apartment Community in Knoxville for $48.1M

by Camren Skelton September 22, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group LLC, in partnership with Eklund Development, has acquired The Metropolitan, a 520-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $48.1 million. Constructed in 1986, the property includes one- and two-bedroom floor plans with an average size of 800 square feet. Units feature wood-style flooring, stainless steel appliances, granite countertops and private balconies or patios. Community amenities include a heated indoor swimming pool, outdoor resort-style pool, clubhouse, fitness center, sports courts and a picnic area with grills. The property was updated in 2015 to include repaved parking lots, new roofs and interior and exterior renovations.

September 22, 2017

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