June 8, 2021 9:00 AM
Newmark announces the $100 million sale and financing of Viera Cool Springs, a 468-unit multifamily community located at 300 North Royal Oaks Boulevard in the heart of Nashville’s Marquee suburb, Franklin/Cool Springs.
Newmark Executive Managing Directors Tarek El Gammal and Vincent Lefler represented the seller, Lindemann Multifamily Management, LLC, a Miami-based investment firm with major holdings in Florida, North Carolina, and Tennessee, in the sale to TruAmerica Multifamily (TruAmerica), a Los Angeles-based investment firm focused on the western and eastern United States. The Newmark team, comprising Vice Chairmen Mitch Clarfield, Purvesh Gosalia and Ramsey Daya, and Managing Director Ryan Greer advised TruAmerica on the financing package provided by Blackstone. At the time of the sale, Viera Cool Springs’ occupancy was at 99 percent.
“Franklin/Cool Springs is widely recognized and largely considered the ‘best of the best’ of Nashville’s suburban submarkets and the fastest growing area in Nashville’s MSA,” said El Gammal. “Viera Cool Springs maintains its suburban charm and approachability despite being situated within this major growth corridor.”
Constructed in 1987 and located on over 36 acres in the #1 school district in the metro, the property features lighted tennis courts, three pools with expansive sundeck and poolside Wi-Fi, detached garages, two dog parks, a yoga studio and a fitness center. Residents also enjoy walkability to abundant outdoor amenities including local greenways, golf courses and more. Select units feature stainless appliances, designer paint schemes, double crown molding and plankwood flooring.
According to Newmark Research, nearly 1,200 units entered the Franklin/Cool Springs market from 2015-2020, causing the rent ceiling to soar. These rising rents combined with the population growth in the area present a unique opportunity for value added through a modernization program, expanding the units with premium amenities.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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