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.