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Newmark Completes $120M Sale of Downtown Nashville Multifamily
Newmark has arranged the $119.9-million sale of Knox at Metrocenter, a newly constructed, 322-unit multifamily community in the Nashville infill submarket of Metrocenter.
Newmark represented the seller, Embrey Partners in the property’s transfer to buyer G. W. Williams Co.
“Metrocenter has quickly established itself as a highly desirable district adjacent to one of Nashville’s most iconic submarkets – Germantown,” said Newmark managing director Tarek El Gammal of the property’s location at the gateway to Nashville’s CBD.
The property is minutes from 150,000 downtown jobs, including the two largest job announcements in Nashville’s history – Amazon and Oracle. On its own, Metrocenter boasts 3.4 million square feet of office and 1.3 million square feet of retail, making it an ideal alternative to the urban core.
At the time of sale, Knox at Metrocenter’s occupancy was 94% compared to 30% when marketing began. The lease-up velocity represented a near total lease-up of the property in eight months.
- ◦Sale/Acquisition
