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Kenect Nashville in Nashville, Tennessee
FinanceNewsSoutheastTennessee

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

by Channing Hamilton

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 …

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NOVEL Harpeth Heights in Nashville, Tennessee
Investment SalesNewsSouth CarolinaSoutheastTennessee

Crescent Communities Sells Two Southeast Communities Totaling 642 Units

by Channing Hamilton

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 …

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Broadstone SoBro in Nashville, Tennessee
Investment SalesNewsSoutheastTennessee

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

by Channing Hamilton

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 …

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Easton Place in Murfreesboro, Tennessee
Investment SalesNewsSoutheastTennessee

Argyle Real Estate Partners Acquires Easton Place in Nashville Suburb

by Channing Hamilton

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 …

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Albion Music Row in Nashville, Tennessee
DevelopmentInvestment SalesLeasing & MarketingMarket ReportsSoutheastTennessee

Renters Gain Upper Hand in Nashville

by Channing Hamilton

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 …

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Scenic Ridge Apartments in Chattanooga, Tennessee
FinanceNewsSoutheastTennessee

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

by Channing Hamilton

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.

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Stoneybrook Heights Apartments in Johnson City, Tennessee
Affordable HousingInvestment SalesNewsSoutheastTennessee

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

by Channing Hamilton

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.

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NewsPeople NewsSoutheastTennessee

JLL Capital Markets Adds Lee Harris to Nashville, Tennessee Team

by Channing Hamilton

NASHVILLE, TENN. — JLL Capital Markets has selected Senior Director Lee Harris to join its multifamily team in Nashville. In this role, Harris will work alongside Senior Managing Director Brian Dawson on agency debt, as well as providing capital stack solutions to multifamily, mixed-use and MHC clients. Prior to joining JLL, Harris served as a Director at Greystone. He also held positions at RED Capital Group and Lument. Harris earned his degree from the University of Southern California.

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An aerial shot of Avenida Watermarq in Germantown, Tennessee.
FinanceNewsSoutheastTennessee

Joint Venture Secures $24.1 Million to Refinance Avenida Watermarq Near Memphis, Tennessee

by Channing Hamilton

GERMANTOWN, TENN. — A joint venture between Passco Companies and Avenida Partners has secured $24.1 million to refinance Avenida Watermarq, a lakefront 161-unit building in Germantown, which is an eastern suburb of Memphis, Tennessee. Knighthead Funding provided the loan. Avenida Watermarq offers one- and two-bedroom floor plans across four stories. The community includes amenities such as a fitness center, library, courtyard, swimming pool, grill area, game room, pet park, theater, art studio and detached garages.

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An aerial shot of Addison at Rossview, a multifamily community in Clarksville, Tennessee.
Investment SalesNewsSoutheastTennessee

Timberland Partners Acquires Addison at Rossview Near Nashville, Tennessee, for $40 Million

by Channing Hamilton

CLARKSVILLE, TENN. — Timberland Partners has acquired Addison at Rossview from an undisclosed local developer for $40 million. Northmarq’s David Stollenwerk and Bryan Schellinger represented the seller. Daniel Trebil and Jesse Lemos secured acquisition financing in the form of a 10-year fixed rate loan on behalf of the buyer. Addison at Rossview is a 205-unit property in Clarksville, which is 50 miles northwest of Nashville, Tennnessee. Built in 2016, the property offers one-, two- and three-bedroom floor plans. Amenities include a pool with a grilling area, dog park playground, coffee …

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