Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Stonehenge, a 228-unit multifamily property in Lebanon, Tennessee.
“Lebanon is the largest city in Wilson County, which is Tennessee’s second-wealthiest and fastest-growing county,” said David Stollenwerk, IPA director. “Over the next five years, Wilson County’s population is expected to grow by 9%.” Stollenwerk and IPA’s Will Balthrope and Drew Garza represented the seller and secured the buyer. Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets provided accretive financing for the buyer.
The property is located on Tennessee State Route 109, 20 miles east of Nashville, one mile from the brand-new Publix-anchored Hickory Ridge Shopping Center. Employers in Lebanon include ThermoFisher Scientific, Chewy Inc., and Webstaurant Store. Amazon, Cracker Barrel’s headquarters, CEVA Logistics, Tennova Healthcare, and Manheim are nearby. Within a five-mile radius there is 16.6 million square feet of industrial space, 470,000 square feet of office space, and 930,000 square feet of retail.
Completed in 2023 on 13 acres, Stonehenge is a gated community with a saltwater swimming pool, clubhouse, fitness center and entertainment lounge. Apartments have granite countertops, stainless-steel appliances, and designer lighting packages. The average unit size is 1,094 square feet.
Balthrope stated: “IPA provides commercial real estate investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada.” Stollenwerk added: “IPA Capital Markets, our capital markets group, complements our investment sales teams by providing accretive lender options.” Jody McKibben is Marcus & Millichap’s broker of record in Tennessee.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
