Cushman & Wakefield has arranged the $50.5 million sale of a five-property portfolio of value-add properties totaling 667 units located throughout Tennessee. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller, Freeman Webb Co., in the transaction. Dominion Development Group acquired the properties.
“These were strategic dispositions within our portfolio, allowing us to realize double digit returns for our investors,” said Bill Freeman, Chairman of Freeman Webb. “These assets are prime for an opportunistic owner looking to place fresh capital into the properties and we think the buyer will have continued success. We are extremely pleased with the transaction.”
“Dominion Group is thrilled about our recent purchase of a 667-unit, five-property apartment portfolio across the state of Tennessee from Freeman Webb,” added Kevin O’Brien, Director of Development at Dominion. “This acquisition fits perfectly within Dominion’s existing portfolio and provides us immediate scale in new markets. We jumped at the opportunity to purchase this portfolio knowing the solid reputation that Freeman Webb has as a long-term owner of quality real estate. Dominion would like to thank both Freeman Webb and Cushman & Wakefield for facilitating a smooth transaction.”
The properties in the portfolio include:
- The 50-unit Whispering Oaks in Jackson
- The 228-unit The Hermitage in Jackson
- The 101-unit Poplar Village in Nashville
- The 148-unit Ridgeside in Chattanooga
- The 140-unit Papermill Square in Knoxville
“Each property is well-positioned and poised for continued growth due to their exceptional locations, which provide residents convenient access to strong retail centers and major employment hubs in each submarket,” Boston said. “The Knoxville, Chattanooga, Murfreesboro, and Jackson MSAs each have a strong reputation for consistent job, wage, and population growth, which make them compelling secondary markets for this statewide investment.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.