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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.