Sale of Nashville Edge Apartments

Nashville, TN— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $7,750,000 sale of Nashville Edge Apartments, which comprises 50 units totaling 33,052 square feet. The multifamily property is located at 126 Kingsridge Dr, La Vergne, TN. Associate Vice President Austin Graham and Associate Austin Tomaiko represented the seller in the acquisition.

 

The seller, a private investor, has been in possession of the facility since 2019 and achieved a 343 percent return on their investment. Nashville Edge Apartments was acquired by a Southern California-based multifamily investor looking to expand his portfolio within the Nashville MSA. Matthews™ utilized its extensive database to create a competitive bidding environment, reaching qualified investors nationwide.

 

“The 1031 Exchange we are facilitating for our seller is increasing his cash flow and eliminating the intense management responsibilities of being a multifamily owner. We’re keeping the money local and putting him into industrial assets,” said Tomaiko.

 

Nashville Edge Apartments offer a mix of one- and two-bedroom units in the Nashville MSA with a 12.5 percent year-over-year rent growth. The facility boasts a 95 percent occupancy rate, spanning four buildings on a 4.74-acre lot.

 

“Despite the interest rate market working against us, we were able to create an extremely aggressive bidding environment for the seller,” said Graham. “We put the asset in front of our entire database, cross-product type, and were able to source an incredible price and terms for both parties.”

 

For more information, or to contact Austin Graham and Austin Tomaiko, please visit www.matthews.com.

 

 

 

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 15 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.