October 5, 2022 1:00 PM
Newmark announces the $96.5 million sale of Alta Union, a 283-unit, newly constructed multifamily community located at 5800 Centennial Boulevard in The Nations neighborhood of Nashville, Tennessee. Newmark Executive Managing Directors Tarek El Gammal and Vincent Lefler represented the seller, Wood Partners—a national development, acquisitions and property management company—in the sale to buyer, Virginia-based real estate firm Weinstein Properties.
“The Nations remains one of the fastest growing neighborhoods in the Nashville market. Alta Union benefits from proximity to the city’s largest employment center coupled with amazing neighborhood-scale amenities,” said El Gammal. “For several years, The Nations led in single-family housing growth and now we’re seeing higher density—both commercial and residential— benefit and elevate the entire community. Wood Partner’s project, Alta Union, is one of the best examples of the premier living options coming to the area and its tremendously successful lease-up is proof of concept.”
The Class A, surface-parked apartment community’s amenities include a two-story clubhouse with second-story outdoor terraces, an industrial-style pool and courtyard. For residents working from home, there are individual and group co-working spaces as well as private offices available to rent. The luxury units in Alta Union feature kitchens with two-toned shaker-style cabinets, black plumbing fixtures and subway tile backsplashes.
According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In Nashville, rents in the second quarter of 2022 were up 27 percent from the fourth quarter of 2019. Additionally, 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.
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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