Newmark closed the $70.5 million sale of Reserve at Oakleigh, a 246-unit, 2017-built multifamily community in Antioch, Tennessee.
Newmark executive managing directors Vincent Lefler and Tarek El Gammal represented the seller, Cedar Grove Capital, a New York-based owner operator, in the sale to GVA, an Austin, Texas-based real estate group. Vice chairman Tip Strickland advised GVA on the financing package provided by Rialto Capital.
Newmark helped to establish this new borrower-lender relationship. 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%.
Antioch is one of Nashville’s fastest-growing suburbs with more than 40,000 new residents added since 2000, according to Esri analytics. This growth coincides with recent job announcements and numerous mixed-use developments, both of which are bringing a resurgence to the community.
