October 24, 2022 10:00 AM
Newmark announces the $86.6 million sale of Alta Foundry, a 231-unit, newly constructed multifamily community located at 640 21st Avenue North in the heart of Nashville, Tennessee’s Midtown neighborhood. Newmark Executive Managing Directors Tarek El Gammal and Vincent Lefler represented the seller, Wood Partners, which is locally led by Managing Director Andrew Steffens. Wood Partners is a national development, acquisitions and property management company. The buyer, HHHunt, is a Southeast real estate developer specializing in apartment living, new home construction and master-planned communities. Recently, Newmark also represented Wood Partners in the sale of Alta Union.
“Midtown Nashville, the traditional medical district of the city, is rapidly evolving into a high-density cohesive neighborhood that will feature some of the best places to live, work and shop in our city,” said El Gammal. “Alta Foundry is squarely positioned and central to this transformation.”
The Class AA wrap community’s amenities include a rooftop sky lounge, a resort-style saltwater pool, covered outdoor entertainment and a gaming lawn. The luxury units feature two-toned shaker-style cabinetry, matte black hardware and quartz countertops. The property was in lease-up at the time of the sale and was 75% occupied at closing.
Multifamily rents significantly exceeded pre-pandemic levels across the U.S. according to Newmark Research. Rents were up 27 percent in Nashville during the second quarter of 2022 compared to the fourth quarter of 2019. Absorption outpaced new supply in many markets; the Nashville multifamily market experienced 6.6 million square feet of new supply and 8.3 million square feet of demand in the second quarter. Additionally, Midtown rents have outpaced Germantown in the last two years with 26 percent growth. Rents also continue to catch up to The Gulch’s, with a 29 percent change in the delta for inner-core mid-rise products.
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 $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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