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Newmark Brokers $72M Sale of Multifamily in Nashville’s Sylvan Heights
Newmark has brokered the $71.8-million sale of Station 40, a 246-unit multifamily community constructed the Nashville, TN urban neighborhood of Sylvan Heights. At the time of the sale, Station 40 was 96% occupied.
Newmark’s Vincent Lefler and Tarek El Gammal represented the seller, Sherman Residential, a division of Benj. E. Sherman & Sons, Inc., in the sale to Velocis Partners. This is the second time Lefler has represented Sherman Residential in the sale of a multifamily property.
“Station 40 is part of an infill village surrounded by some of the area’s most iconic mixed-use developments — including Sylvan Supply and L&L Market — fortifying the property’s position in the Westward growth corridor,” said Lefler. “The corridor is evolving into a mixed-use hotspot similar to Germantown and Hillsboro Village. More than $1.4 billion of construction has been completed along a six-mile stretch of Charlotte Avenue, showcasing how much demand is pouring into this corridor.”
Photo: Newmark
- ◦Sale/Acquisition
