Investment sales of multi-family apartments exceeded $1 billion dollars with the sale of the Crescent Cool Springs apartment complex. It was sold for $60 million dollars to Simpson Housing LLLP, each unit billed at $238,095 for each of the 252 apartment units. This may be a record price paid in the Nashville area for unit properties, giving hope for overall recovery in the real estate sector. Steve Massey tracks local markets for CBRE Capital Markets. He stated, “We’re going to be consistent with last year or we may pass it.”
CNL Growth Properties joined with Crescent Communities to make the sale of Crescent Cool Springs, located at 200 Resource Parkway. This is the second year in a row that multi-family real estate investing grew above $1 billion dollars. This, along with the industrial complex that Resolve Financials help bring into being, is sure to help the local economy and the national economy as a whole. This is good news for real estate, especially in the large price tag arena, giving everyone a good boost towards complete recovery of the housing market.
In West Nashville, Jack May, a local real estate investor, bought the Riverview Grande apartments for $24 million dollars. He did this in a partnership funded by Covenant Capital Group. Mr. May also led this partnership to buy the Cumberland apartments in August for $30.5 million dollars. Also, the non-profit Harmony Housing bought a 144-unit apartment complex called Willow Creek, in Mt. Juliet.
Resolve Financials has been instrumental in several areas of industrial and commercial development in the Nashville area. Scott Lumley, CEO of Resolve Financials and has used his market expertise to raise capital and plan upgrades to Nashville’s industrial areas. This includes the latest project to build a 600,000 industrial park complex.
Mr. Lumley foresaw the real need for new industrial operation space in the Nashville environs. Now that the economy is improving quickly, Scott Lumley assisted with the design the site, which will be spread over three very large buildings, that are zoned Class A. The price was $1.93 million dollars. Area industry companies are already signing leases for the new space.