Newmark Brokers $100M Sale of Metro Nashville MF Property
Newmark has arranged the $100 million sale of Viera Cool Springs, a 468-unit multifamily community in the Nashville’s Franklin/Cool Springs suburb.
Located at 300 North Royal Oaks Blvd., the community was built in 1987 and is situated on more than 36 acres. The community features lighted tennis courts, three pools with expansive sundeck and poolside Wi-Fi, detached garages, two dog parks, a yoga studio and a fitness center. At the time of the sale, Viera Cool Springs’ occupancy was at 99%.
Tarek El Gammal and Vincent Lefler of Newmark represented the seller, Miami-based investment firm Lindemann Multifamily Management, in the transaction. The buyer was TruAmerica Multifamily, a Los Angeles-based investment firm focused on the western and eastern United States. In addition, Mitch Clarfield, Purvesh Gosalia, Ramsey Daya, and Ryan Greer of Newmark advised TruAmerica on the financing package provided by lender Blackstone. Terms of the financing were not disclosed.