$60 Million Multifamily Asset Sale Brokered by Marcus & Millichap in Middle Tennessee
SPRING HILL, Tenn., Aug. 20, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Grand Reserve, a 290-unit multifamily community in Spring Hill, which is part of the Nashville metropolitan area. The property sold for $60 million, which represents $206,897 per unit.
“The Grand Reserve is one of the newest multifamily properties in the market and with an average unit size of 1,556 square feet, by far the largest,” said David Stollenwerk, senior associate in Marcus & Millichap’s Nashville office. “New ownership will benefit from the oversized units, the property’s below-market rates and Spring Hill’s expanding population, which between 2000 and 2017 grew 367%.” Stollenwerk represented the seller, a local limited liability company, and procured the buyer, an out-of-state limited liability company.
The Grand Reserve is two miles from Interstate 65, approximately 15 minutes from Franklin and 30 minutes from downtown Nashville. The GM manufacturing plant in Spring Hill is six miles from the property. Other nearby employers include Comprehensive Logistics, Magna, and Ryder Logistics. The 12-building, three-story community was constructed in 2015 and 2016 on 31 acres.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.