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News release

NASHVILLE, TN

Multifamily Demand Drives Value-Add Investment in Nashville

JLL closes $93.5 million multifamily portfolio sale


NASHVILLE, March 7, 2016 – JLL’s Capital Markets experts today announced the $93.5 million sale of the Southeast Value-Add Portfolio, which consists of Bellevue West and Highlands at the Lake. The two apartment properties total 838 units and are located in Nashville’s Metropolitan Statistical Area (MSA).The sale was completed on behalf of Arenda Capital Management by Spirit Investment.
 
Senior Vice President Vince Lefler and Managing Directors Derrick Bloom and David Gutting and led the JLL team on the transaction.
 
“With stellar job growth fueling multifamily fundamentals, Nashville continues to garner strong investor interest,” said Lefler.  “Because of the scale and quality of the assets, the portfolio received a lot of attention. It provided a perfect entry for a high barrier-to-entry market.”
 
Both properties are located in suburban submarkets proximate to the city center. A short commute to the Downtown/West End area provides residents easy access to jobs and the heart of the entertainment district.
 
The 560-unit Bellevue West is located in Bellevue, an upscale neighorhood minutes from the West End corporate and medical corridor. Highland at the Lake features 278 units and is located along I-40 for easy access to nearby retail and Percy Priest Lake, Nashville’s largest recreational lake.
 
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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 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.

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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.