Dealmaker: Marcus & Millichap Brokers Two Multifamily Sales

Marcus & Millichap, Calabasas, Calif., brokered two apartment property sales totaling $82.4 million.

In Spring Hill, Tenn., south of Nashville, Marcus & Millichap represented the seller in the $60 million sale of The Grand Reserve, a 290-unit multifamily community on 31 acres. The selling price equaled nearly $207,000 per unit.

The 12-building, three-story community was built in 2015 and 2016. “The Grand Reserve is one of the newest multifamily properties in the market and with an average unit size of 1,556 square feet, by far the largest,” said Marcus & Millichap Senior Associate David Stollenwerk, who represented the local limited liability company seller. “New ownership will benefit from the oversized units, the property’s below-market rates and Spring Hill’s expanding population.” He noted Spring Hill’s population grew more than 350 percent between 2000 and 2017.

The Grand Reserve is two miles from Interstate 65 and 30 miles from downtown Nashville. The General Motors manufacturing plant in Spring Hill is six miles from the property. Other nearby employers include Comprehensive Logistics and Ryder Trucks.

Marcus & Millichap also brokered the sale of Summer Grove Apartments, a 116-unit Miami apartment property. Summer Grove has 12 two-story apartment buildings encompassing more than 93,000 rentable square feet and five acres of land. The asset sold for $22.4 million, or $193,534 per unit.

“The sales price for this 1970s-1980s-vintage property is a testament to the quality of the asset and the overwhelming demand within the submarket,” said Joseph Thomas, Senior Vice President of Investments in the firm’s Miami office.

Thomas marketed the property for a personal trust seller with First Vice President of Investments Adam Duncan and Associates Brett McMahon and Elliot Blasser. “The seller owned and operated Summer Grove for more than 35 years and their decision to sell was driven in a large part by the ownership lifecycle and current market conditions,” Thomas said.

The firm also represented the buyer, another personal trust. Marcus & Millichap Vice President of Investments Jonathan De La Rosa, Associate Eduardo Toledo and Senior Associate Jorge Ruiz represented the buyer’s interests.