December 9, 2021 12:00 PM
Newmark announces the $71.75 million sale of Station 40, a 246-unit multifamily community constructed in 2016 and located in Sylvan Heights, one of Nashville’s fastest-growing upscale urban neighborhoods. Newmark Managing Directors Vincent Lefler and Tarek El Gammal represented the seller, Sherman Residential, a division of Benj. E. Sherman & Sons, Inc. based in Chicago, in the sale to Velocis Partners, a private equity real estate fund manager focused on the Sunbelt markets. This is the second time Lefler has represented Sherman Residential in the sale of a multifamily property. At the time of the sale, Station 40 was 96% occupied.
“Station 40 is part of an infill village surrounded by some of the area’s most iconic mixed-use developments – including Sylvan Supply and L&L Market – fortifying the property’s position in the Westward growth corridor,” said Lefler. “Charlotte Avenue has seen a significant influx of new residents in recent years, followed increasingly by new restaurants, retail and office space. The corridor is evolving into a mixed-use hotspot similar to Germantown and Hillsboro Village. More than $1.4 billion of construction has been completed along a six-mile stretch of Charlotte Avenue, showcasing how much demand is pouring into this corridor.”
Built in a premier location, the property is minutes from three major medical centers – Vanderbilt University Medical Center, St. Thomas Health and TriStar Centennial Medical Center. Station 40 provides an ideal value-add opportunity, to build upon the property’s already unique community and in-unit amenities, including an infinity pool, bocce court, a pet spa, dog park, keyless home entry and Nest thermostats, while several units offer unique, direct walk-up access.
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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