Tennessee

Oxenfree at Princeton in Princeton, Texas

Core Spaces Expands Build-to-Rent Brand, Plans 4,000-Unit Pipeline

by Channing Hamilton February 16, 2024

CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …

February 16, 2024

Investment Sales News Southeast Tennessee

Passco, Greystone Acquire One Riverwalk in Knoxville, Tennessee, for $120.7 Million

by Channing Hamilton December 4, 2023

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit community located at 151 E. Blount Ave. in Knoxville. The joint venture acquired the property from the developer, Southeastern, for $120.7 million. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. Built in 2019, One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from …

December 4, 2023

Finance Indiana Midwest News Ohio Southeast Tennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton November 20, 2023

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

November 20, 2023

Finance News Southeast Tennessee

JLL Arranges $101.2 Million Refinancing for Kenect Nashville in Nashville, Tennessee

by Channing Hamilton November 7, 2023

NASHVILLE, TENN. — JLL Capital Markets has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit high-rise community in Nashville’s Midtown neighborhood. The borrower, Akara Partners, secured the loan through MF1. Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden led the JLL Capital Markets Debt Advisory team. Sitiated at 800 19th Ave. South, Kenect Nashville is located in proximity to Vanderbilt University, Belmont University and Nashville’s Music Row historic district, which is considered the heart of the city’s entertainment industry. According to Apartments.com, the property was built …

November 7, 2023

NOVEL Harpeth Heights in Nashville, Tennessee

Investment Sales News South Carolina Southeast Tennessee

Crescent Communities Sells Two Southeast Communities Totaling 642 Units

by Channing Hamilton October 23, 2023

NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two communities totaling 642 units in the Southeast. TA Realty acquired both assets from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights, comprises 322 apartments in Nashville. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, spa and fitness center. Crescent Communities developed the property in partnership with Pearl Street Partners. The second property, NOVEL Cary, features 320 units in studio, one-, two- and three-bedroom floor plans within the Raleigh suburb …

October 23, 2023

Investment Sales News Southeast Tennessee

CBRE Brokers $78.5 Million Sale of Broadstone SoBro in Nashville, Tennessee

by Channing Hamilton October 2, 2023

NASHVILLE, TENN. — CBRE has arranged the sale of Broadstone SoBro, a new 226-unit community in Nashville’s SoBro neighborhood. The name SoBro is shorthand for “South of Broadway.” AND Asset Management purchased the asset from an undisclosed seller for $78.5 million. CBRE’s Brett Carr, David Smithwick and Shea Campbell represented the seller in the deal. Broadstone SoBro was completed in 2022 and rises eight stories. The first three floors include the parking structure, and the top five floors comprise the residential component. Units come in studio, one- and two-bedroom floor plans …

October 2, 2023

Investment Sales News Southeast Tennessee

Argyle Real Estate Partners Acquires Easton Place in Nashville Suburb

by Channing Hamilton September 26, 2023

MURFREESBORO, TENN. — Argyle Real Estate Partners has acquired Easton Place, a garden-style community in the Nashville, Tennessee suburb of Murfreesboro. Easton Place offers 184 units with stainless steel appliances, plank flooring and granite countertops. Amenities include a pool with cabanas and waterfall lighting, green spaces, a community fire pit and a clubhouse with a movie theater. Argyle Real Estate Partners plans to renovate the complex, although specific details regarding the planned improvements were not disclosed. Greystar will oversee the business plan for the asset, which will focus on driving …

September 26, 2023

Albion Music Row in Nashville, Tennessee

Development Investment Sales Leasing & Marketing Market Reports Southeast Tennessee

Renters Gain Upper Hand in Nashville

by Channing Hamilton August 14, 2023

In downtown Nashville, supply is overtaking demand, leaving renters in a position of power. Developers brought 8,175 units to the market in 2022, up 40 percent from 2021’s deliveries, according to Northmarq. But only about half of the units delivered last year — 4,200 — were absorbed. Owners, however, have a surprisingly glass-half-full perspective about excess supply and rising vacancies. Not only do they say this market condition is temporary. They also believe it provides an opportunity in disguise. It’s a chance to fine-tune the customer service side of the …

August 14, 2023

Finance News Southeast Tennessee

Colliers Arranges $26.6 Million to Refinance Scenic Ridge Apartments in Chattanooga, Tennessee

by Channing Hamilton July 24, 2023

CHATTANOOGA, TENN. — Colliers Mortgage arranged a $26.6 million Fannie Mae loan for the refinance of Scenic Ridge Apartments, a 240-unit property in Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Colliers Mortgage’s Greenville, South Carolina team represented the borrower. The loan carries a 10-year term. Scenic Ridge Apartments offers one-, two- and three-bedroom units. Amenities include a pool, picnic and BBQ area, fitness center, basketball court, car wash station and clubhouse.

July 24, 2023

Affordable Housing Investment Sales News Southeast Tennessee

Blue Vista Capital Partners Acquires Stoneybrook Heights Apartments in Johnson City, Tennessee

by Channing Hamilton June 29, 2023

JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an apartment complex in the eastern Tennessee city of Johnson City. Stoneybrook Heights was built in 1998 through the LIHTC program and will become a fully market-rate property in the second half of 2024. Currently, 45 percent of units are market rate. Rent restrictions for the property were not disclosed. The community comprises 88 units across 11 two-story buildings, as well as a single-story leasing office. Units come in two-, three- and four-bedroom layouts.

June 29, 2023

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