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Newmark has completed the $70.5-million sale of Reserve at Oakleigh multifamily in Antioch, TN

GVA Targets Fast-Growing Antioch with $71M Multifamily Community Purchase

Newmark has completed the $70.5-million sale of Reserve at Oakleigh, a 246-unit, 2017-built multifamily community located in the Nashville submarket of Antioch, TN.

Vincent Lefler and Tarek El Gammal of Newmark represented the seller, Cedar Grove Capital, in the sale to GVA, an Austin, TX-based real estate group.

Newmark’s Tip Strickland advised GVA on the financing package provided by Rialto Capital. Rialto was able to offer aggressive floating-rate bridge loan terms as a result of the favorable sponsorship, market and collateral. At the time of the sale, Reserve at Oakleigh’s occupancy was at 93%.

According to Newmark Research, beginning in 2017, delivery of new, Class A communities created new, higher rent thresholds in the area, raising them to $1600+ per month. Skyrocketing multifamily fundamentals coupled with Antioch’s job and population growth present an opportunity for new ownership to close the rent gap through management efficiencies and a unit upgrade program.

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About Lisa McDuffie

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.

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