Two Nashville apartment communities sell for $41.2M
JLL Capital Markets completed the sale of the Axis and Mosaic multi-housing properties
The portfolio comprises the Axis at 307 Glengarry Dr. and Mosaic at 1019 Patricia Dr. Located approximately 10 minutes from downtown, the portfolio's position along Murfreesboro Pike provides residents with fast access to Nashville's largest employment and entertainment nodes.
In addition, according to CoStar's recent Q2 report, South Nashville's cumulative growth has been strong, and rents are roughly 50% more expensive now than they were in 2010. This level of growth is outperforming the metro-wide figure by nearly 15 percentage points.
“We are strong believers in the fundamentals of Nashville and are committed to increasing our presence there,” said Sean Moghavem, President of Archway Equities. “We were able to exceed our business plan expectations in less than half our originally assumed hold period, resulting in a much stronger returns, even considering COVID. This is only due to Nashville’s dynamism and its ability to attract strong employers in its market.”
The JLL Capital Markets team was led by Senior Directors Ian Anderson and Peter Chacon.
“Despite the hurdles due to the pandemic, investor appetite for Nashville multi-housing remains strong,” Chacon said. “Buyers are confident in Nashville's long-term outlook and the market's ability to continue posting in the nation's top 10 rent-growth cities.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Archway Equities LLC.
Archway Equities LLC. (“Archway”) is a privately held real estate investment group based in Beverly Hills, California. Archway through its affiliated and predecessor entities has been acquiring commercial real estate mainly in California, Arizona and Texas since 1974. Archway is a vertically integrated company with expertise in various facets of real estate investment, management, acquisition, finance, leasing, redevelopment and entitlement operations across a variety of asset types, including multifamily, medical office, traditional office/creative office, industrial and land development. archwayco.com
About Bond Companies
Founded in 1987, Bond Companies is a leading real estate development and investment firm that focuses on sustainability and innovation in multifamily, office, retail and mixed-use projects. With offices in Los Angeles and Chicago, core values include making a positive and lasting impact on communities while minimizing the impact on the environment. The company consistently expands “the envelope” by introducing new ideas, new technology, and purpose to each of its developments. Bond Companies believes that its ethics and approach consistently create value for communities and its partners. bondcompanies.com