December 15, 2021 10:30 AM
Newmark announces the $119.9 million sale of Knox at Metrocenter, a newly constructed, 322-unit multifamily community located at 101 Athens Way in Metrocenter, a fast-growing infill submarket in the heart of Nashville. Newmark Managing Directors, Tarek El Gammal and Vincent Lefler represented the seller, Embrey Partners, a diversified real estate investment company, in the sale to G. W. Williams Co., a privately-held firm based in California.
“Metrocenter has quickly established itself as a highly desirable district adjacent to one of Nashville’s most iconic submarkets – Germantown,” said El Gammal of the property’s location at the gateway to the CBD. Embedded within the heart of this mixed-use development, the property is minutes from 150,000 downtown jobs, including the two largest job announcements in Nashville’s history – Amazon and Oracle. On its own, Metrocenter boasts 3.4 million square feet of office and 1.3 million square feet of retail, making it an ideal alternative to the urban core.
Knox at Metrocenter features a spacious courtyard, oversized resort-style pool, large dog park, expansive fitness center and a spin room. The luxury units offer premium flooring, granite countertops, LED lighting, and a built-in desk and bookshelves. Select units offer lake views, fenced-in yards and attached garages, differentiating the property from other nearby multifamily communities.
Knox at Metrocenter had an extremely successful lease-up. At the time of sale, the property’s occupancy was 94% – just 30% of its units were occupied when marketing began. The lease-up velocity represented a near total lease-up of the property in just eight months.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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