Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Tennessee-Kentucky Multifamily Portfolio, a seven-property apartment portfolio located in Clarksville, Tennessee and Oak Grove, Kentucky. The portfolio sold for $47,244,000.
“The portfolio is a well-performing, stabilized, value-add opportunity in one of the most dynamic markets in the Southeast,” says David Stollenwerk, an associate in Marcus & Millichap’s Nashville office. “These are high-quality assets with in-place cash flow and upside attainable through interior renovations.”
Stollenwerk represented the seller, a Tennessee limited-liability company and procured the buyer, an out-of-state limited-liability company. Aaron Johnson, Marcus & Millichap’s broker of record in Kentucky, assisted in closing the transaction.
“Attracted by the portfolio’s current revenue and above-market occupancies, the buyer moved quickly and plans to implement renovations tailored to each property,” adds Stollenwerk.
The Tennessee-Kentucky Multifamily Portfolio is in Clarksville, Tennessee and Oak Grove, Kentucky, approximately 40 miles north of Nashville, Tennessee. The properties are: Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering Hills.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.