May 10, 2022 11:45 AM
Newmark announces the $70.5 million sale of Reserve at Oakleigh—a 246-unit, 2017-built multifamily community located in Antioch, Tennessee. Newmark Executive Managing Directors Vincent Lefler and Tarek El Gammal represented the seller, Cedar Grove Capital, a New York-based owner operator, in the sale to GVA, an Austin, TX-based real estate group. Vice Chairman Tip Strickland advised GVA on the financing package provided by Rialto Capital. Newmark helped to establish this new borrower-lender relationship and both parties are very excited about the strong value-add potential that exist. Rialto was able to offer aggressive floating-rate bridge loan terms as a result of the favorable sponsorship, market and collateral. At the time of the sale, Reserve at Oakleigh’s occupancy was at 93%.
Antioch is one of Nashville’s fastest-growing suburbs with over 40,000 new residents added since 2000, according to Esri analytics. This growth coincides with recent job announcements and numerous mixed-use developments, both of which are bringing a resurgence to the community.
“The demand for space in Antioch is evident with its location only 15-20 minutes from primary job centers and top lifestyle amenities. These factors make the neighborhood one of Nashville’s most sought-after areas,” said Lefler.
According to Newmark Research, beginning in 2017, delivery of new, Class A communities created new, higher rent thresholds in the area, raising them to $1600+ per month. Skyrocketing multifamily fundamentals coupled with Antioch’s job and population growth present an opportunity for new ownership to close the rent gap through management efficiencies and a unit upgrade program.
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 of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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