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News release

NASHVILLE, TN

Suburban “Path of Growth” Tees Up Major Nashville Multifamily Sale

JLL closes $77.6 million, three-building portfolio sale in hot “New Franklin” submarket


NASHVILLE, Tenn., Jan. 26, 2016 – Crediting a booming suburban path of growth that is rapidly evolving the Nashville multifamily market, JLL’s Capital Markets experts closed the $77.6 million sale of the Lenox portfolio on behalf of seller Regent Partners. The portfolio includes three Class A, urban-suburban mixed-use multifamily communities located in Nashville’s New Franklin submarket.
 
Senior Vice President Vince Lefler led the JLL team, which also included Managing Directors Derrick Bloom and David Gutting.
 
“Lenox was offered as a portfolio or as individual buildings, and the fact that Preferred Apartment Communities opted to purchase the entire portfolio shows how strong renter and investor demand is for mixed-use product in Nashville,” said Lefler. “This dynamic is particularly prevalent in south Nashville, where the market is extremely strong and shows no signs of slowing down.”
 
The three-building Lenox portfolio includes:
•         Lennox Village Town Center, totaling 273 units and 35,009 square feet of retail
•         The Regent Building, totaling 18 units over 11,483 square feet of retail
•         LV III, a 183-unit garden-style community
 
Built between 2008 and 2015, the Lenox buildings are located at Nolensville Pike and Lenox Village Drive. They are just south of downtown Nashville within Lenox Village, an award-winning New Urbanism development mixing office, retail, a town center, dog parks and usable green space, all with an emphasis on smart growth planning and design principles.
 
The area was recently dubbed the “New Franklin,” a high growth market that, in the last four years, has experienced a 30 percent population surge. The area is also home to a major employment core, offering a short commute to more than 200,000 jobs between downtown Nashville, Brentwood and Franklin/Cool Springs.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
 
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.