Newmark closed the $96.5 million sale of Alta Union, a 283-unit, newly constructed multifamily community at 5800 Centennial Blvd. in The Nations neighborhood of Nashville, Tennessee.
Newmark executive managing directors Tarek El Gammal and Vincent Lefler represented the seller, Wood Partners, a national development, acquisitions and property management company, in the sale to the buyer, Virginia-based real estate firm Weinstein Properties.
The Class-A, surface-parked apartment community’s amenities include a two-story clubhouse with second-story outdoor terraces, an industrial-style pool and courtyard. For residents working from home, there are individual and group co-working spaces as well as private offices available to rent. The luxury units in Alta Union feature kitchens with two-toned shaker-style cabinets, black plumbing fixtures and subway tile backsplashes.
According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In Nashville, rents in the second quarter of 2022 were up 27 percent from the fourth quarter of 2019. Additionally, absorption outpaced new supply in many markets; the Nashville multifamily market experienced 6.6 million square feet of new supply and 8.3 million square feet of demand in the second quarter.
