NASHVILLE, TN – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Verse on Bell, a 336-unit garden-style asset in Antioch to be renamed Lyric on Bell. The acquisition punctuates American Landmark’s re-entry into the Tennessee multifamily market, following historically successful multifamily investments in the state. The property was 95 percent occupied at the time of buy.

American Landmark, and its equity partner Electra America, continue to selectively buy properties in brilliant locations across the Southeast and Southwest. The company has completed 23 property acquisitions worth $1.4 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

The firm plans to implement approximately $3.72 million in interior and exterior capital improvements throughout the property. Unit enhancements will include new kitchen cabinet doors, tile backsplash, spray kitchen countertops, washer/dryer, electronic key fobs, and USB chargers. Community upgrades will include a package locker system and clubhouse renovations.

“Nashville is experiencing a continuous revitalization in employment, with over 1 million payrolls for the first time and the 2.7 percent unemployment rate essentially indicating full employment,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With financial and manufacturing activities continuing to supplement the area’s labor market, the variety of jobs helped make the choice of returning to the Tennessee market an simple one.”

“Our acquisition strategy entails having a long-term vision for areas we make investments in,” added Joe Lubeck, CEO of American Landmark. “With Amazon bringing a new Center of Excellence for its Operations business that will make 5,000 jobs, Nashville is a dynamic city that promises steady growth, supplementing its multifamily market in the process.”

Verse on Bell features one-, two-, and three-bedroom units. Unit amenities include dishwasher, range, pantry, fireplace, walk-in closets, black appliances, plank flooring, and balcony/patio. Community amenities include a clubhouse with business center, 24-hour fitness center, two resort style pools, a dog park, two lighted tennis courts, and picnic/recreation areas.

Located at 455 Arbor Place, Verse on Bell is located near vital transit routes and employment hubs. Located less than five minutes away from Interstate 24, Verse on Bell is about 20 minutes away from Downtown Nashville, surrounded by major employers including Vanderbilt University, Nissan Stadium, Bridgestone Arena, Saint Thomas Midtown Hospital, and Adventure Science Center, among others.

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LAS VEGAS, NV – Sunroad Enterprises, a San Diego-based real estate investment and development firm, recently bought the 234-unit Adobe Ranch Apartments located in Henderson, Nevada for an undisclosed price. The firm has already begun significant interior and exterior property renovations and part of repositioning and rebranding the property as Cyan.

“With Henderson’s continuous job growth, demand for housing, and strong demographics, repositioning Cyan provides needed, modernized housing units in the area,” said Dan Feldman, President of Sunroad Asset Management. “Cyan provides Sunroad Enterprises the ability to continue our multi-family repositioning and property management expertise in the Las Vegas market.”

The two-tale property was built in 2003 and offers one- and two-bedroom units with certain units including direct access garages. Cyan’s shared amenities include a clubhouse, large swimming pool with a grill area, fitness center, business center, and pet park.

“Sunroad Enterprises plans contemporary renovations for the each of the property’s units as well as the creation of a modernized clubhouse and pool area that are tailored for today’s tenants,” Michael Dow, Executive Vice President of Sunroad’s Multifamily Division. “Our renovation plans for Cyan’s units include the installation of upgraded cabinets, quartz countertops, stainless steel appliances, resurfaced tubs, hardwood floors, and new light fixtures and doors.” 

The acquisition of Cyan increases Sunroad Enterprises’ rapidly growing Multifamily Division, which is now more than 4,000 units in various stages of new vertical construction or active value add renovation.  Sunroad’s multifamily growth has been primarily focused in California, Arizona, Washington and Nevada.

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TEMPE, AZ – Continental Realty Advisors, a Denver-based national multifamily investment and management firm, in partnership with Milwaukee-based MLG Capital, announced the $53.5 million acquisition of Tempe Metro, a 408-unit apartment community in Tempe, Arizona.

“We are excited to partner again with MLG Capital in a growing diversified market,” said David Snyder, president and CEO of Continental Realty Advisors. “Tempe Metro is an outstanding TOD property in a dynamic area of Tempe. The property is minutes from ASU, the largest undergraduate university in the nation, surrounded by expanding corporate business centers in the pathway of future demand. Tempe Metro is another strong Phoenix acquisition and addition to our growing multifamily portfolio.”

Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment homes with 9’ or 17’ vaulted ceilings. The four-tale, elevator-served community also contains an 800-space structured parking garage. Amenities include a state-of-the-art fitness center, pool, spa, outdoor kitchen, resident lounge, clubhouse and leasing center. The partnership has plans for extensive improvements to the community’s common areas and amenities, and intends to implement a programmatic renovation program to the unit’s interiors.

Tempe Metro is located on the McClintock/Apache Boulevard ValleyMetro light rail stop, a five-minute ride to Arizona State University’s Tempe campus, an eight-minute ride to Mill Avenue, Downtown Tempe and State Farm’s new Marina Heights Tempe Campus, and under a 30-minute ride to Sky Harbor International Airport. Large-scale office developments and future employment centers within five miles from the property include The Grand at Papago Park, Liberty Center at Rio Salado and the future THOUGHT Tempe Biomedical Campus. Recently announced corporate expansions in Tempe include State Farm, JPMorgan, Freedom Financial and ADP.

“MLG Capital is pleased to enter into our third partnership with the CRA team,” said Andy Bruce, executive vice president of MLG Capital. “Adding this property in desirable Tempe Arizona will provide geographic diversification for our fund investors.”

John Cunningham and Charles Steele of JLL Phoenix brokered the deal, and Josh Simon of HFF Denver and Brad Miner of HFF Phoenix originated the loan.

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