Newmark has closed the $119.9 million sale of Knox at Metrocenter, a newly constructed, 322-unit multifamily community at 101 Athens Way in Metrocenter, a fast-growing infill submarket in the heart of Nashville, Tennessee.
Newmark managing directors Tarek El Gammal and Vincent Lefler represented the seller, Embrey Partners, a diversified real estate investment company, in the sale to G. W. Williams Co., a privately-held firm based in California.
Embedded within the heart of this mixed-use development, 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.
Knox at Metrocenter features a spacious courtyard, oversized resort-style pool, large dog park, expansive fitness center and a spin room. The luxury units offer premium flooring, granite countertops, LED lighting, and a built-in desk and bookshelves. Select units offer lake views, fenced-in yards and attached garages, differentiating the property from other nearby multifamily communities.
Knox at Metrocenter had an extremely successful lease-up. At the time of sale, the property’s occupancy was 94% ¬– just 30% of its units were occupied when marketing began. The lease-up velocity represented a near total lease-up of the property in just eight months.
