Marcus & Millichap, a leading commercial real estate investment services firm, today announced the sale of The Grand Reserve Spring Hill, a 290 unit, class A apartment community located in Spring Hill, Tennessee, according to David Stollenwerk, Senior Investment Advisor of the firm’s Nashville office. The Grand Reserve consists of 290 units located approximately 30 miles south of Nashville, Tennessee.
“This community presented a rare opportunity for the Buyer to acquire a well-performing, stabilized apartment community in one of the most dynamic markets in the Southeast. The investment offered a high-quality asset with outstanding historical rent growth, low vacancies and further upside through operation value-add opportunities,” says David Stollenwerk, Senior Investment Advisor in Marcus & Millichap’s Nashville office.
Stollenwerk had the exclusive listing to market the community on behalf of the seller, a limited liability company. Stollenwerk also procured the buyer, an out of state limited liability company.
“With excellent resident demographics and above-market occupancies, the buyer was able to move quickly on this opportunity, with plans for operational value-add tailored to the market and tenant base,” adds Stollenwerk.
David Stollenwerk and his team are a highly focused multifamily investment advisory group that offers an all-encompassing delivery system that meets the disposition needs and equity placement requirements of virtually every client.
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 over 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.