Two Nashville Apartment Communities Sell for $41.2M

18 August 2020

Capital Markets completed the sale of the Axis and Mosaic multi-housing properties 

NASHVILLE, Tenn, August 18, 2020 – JLL Capital Markets announced today that it has closed the $41.2 million sale of a two-property apartment portfolio in Nashville's thriving South submarket. 

Archway Equities LLC., an affiliated entity of Archway Holdings Corp., sold the assets to an affiliate of Bond Companies in an off-market transaction via an unsolicited offer.  

The portfolio comprises the Axis at 307 Glengarry Dr. and Mosaic at 1019 Patricia Dr. Located approximately 10 minutes from downtown, the portfolio's position along Murfreesboro Pike provides residents with fast access to Nashville's largest employment and entertainment nodes.  

In addition, according to CoStar's recent Q2 report, South Nashville's cumulative growth has been strong, and rents are roughly 50% more expensive now than they were in 2010. This level of growth is outperforming the metro-wide figure by nearly 15 percentage points. 

“We are strong believers in the fundamentals of Nashville and are committed to increasing our presence there,” said Sean Moghavem, President of Archway Equities. “We were able to exceed our business plan expectations in less than half our originally assumed hold period, resulting in a much stronger returns, even considering COVID. This is only due to Nashville’s dynamism and its ability to attract strong employers in its market.” 

The JLL Capital Markets team was led by Senior Directors Ian Anderson and Peter Chacon. 

“Despite the hurdles due to the pandemic, investor appetite for Nashville multi-housing remains strong,” Chacon said. “Buyers are confident in Nashville's long-term outlook and the market's ability to continue posting in the nation's top 10 rent-growth cities.”