Upwards of $200 million in multifamily transactions closed in Nashville in April alone. The city, benefiting from strong demographic trends and employment growth, continues to draw investment and development in the growing multifamily sector.
Rent growth is continuing but decelerating, like many markets, but month-over-month rental increases slightly lagged the national average of 0.9% in March, according to Yardi Matrix's April report. However, this is likely a short-term hiccup related more to oversupply than any diminishing demand.
The three largest deals in Nashville in April totaled nearly $98 million, almost half of the investment volume closed during the month. Using data from Davidson County, find out more on Music City's largest multifamily sales below.
| |
Property |
Sale Price |
Units |
Buyer |
Seller |
|---|---|---|---|---|---|
| 1 |
Audubon Park Apartment Homes |
$ 50,600,000 |
256 |
Lyfe Properties Group |
Blackstone |
| 2 |
12 South Apartments |
$ 43,600,000 |
90 |
TIAA-CREF Real Estate |
TriBridge Residential |
| 3 |
Blue Note Apartments |
$ 36,180,000 |
200 |
Nitya Capital |
The Lighthouse Group |
3. Blue Note Apartments
Blue Note Apartments is the largest property in a two-asset portfolio deal which closed in early April. The 200-unit community, located near Nashville International Airport at 305 Millwood Drive, sold for $36.2 million to Nitya Capital. Grand Peaks sold the other asset in the deal — the 145-unit Music City Flats, just 2 miles north of Blue Note — for an additional $26.8 million. Barclays financed the deal with a $50.1 million bridge loan.
2. 12 South Apartments
TIAA-CREF's $43.6 million acquisition of the luxury, mixed-use 12 South Apartments property was the second largest Nashville deal in April. While the 2310 12th Ave. S. property has only 90 units — the smallest number on our list — it also includes a significant ground-floor retail component, home to several shops, restaurants, and an ice cream parlor. An article from Nashville Business Journal reported the asset last changed hands in 2018 for $28.3 million.
1. Audobon Park Apartment Homes
The largest deal in April was Lyfe Properties Group's $50.6 million acquisition of the 256-unit Audobon Park at 600 Whispering Hills Drive. Capital Funding Group provided $43.5 million in acquisition financing for the transaction. Built in the 1960s, the community is located in South Nashville, a short distance from Nolensville Pike. The Connecticut-based buyer exclusively focuses on garden-style multifamily assets in the Southeast, with assets across Florida markets including Jacksonville and Tampa-St. Petersburg and one other in Greensboro, N.C.