Cherner Development Looks West, Buys The Eastland in Nashville for $15M
CBRE has completed the $14.9-million sale of The Eastland, a 49-unit apartment community in Nashville, TN to Vienna, VA-based investor Cherner Development Group. The building was 96% occupied at sale.
Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction. Lion Real Estate Group purchased the asset for $9.9 million in 2019.
“This is one of the fastest growing submarkets in Nashville with high barriers to entry which we believe will offer long term success for the new buyer, just as it did for the seller,” said Carr. “This transaction boasted record price per door and price per square foot in the East Nashville submarket.”
The Eastland is on W. Eastland Avenue within minutes from Oracle’s new headquarters, downtown Nashville’s Central Business District, Titan Stadium and Shelby Park. The 2017-constructed, five-story multifamily building features one- and two-bedroom units with an average unit size of 571 square feet.
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