(To read more on the multifamily market, click here.)
NASHVILLE-Equity Residential has placed five multifamily properties--four complexes with a total 1,593 units and a 79.6-acre development parcel--on the market, with no suggested price tag. The Chicago-based trust has tapped Apartment Realty Advisors to market the portfolio as a whole or as individual properties.
In addition to the nearly 80 acres of land, included in the area portfolio are the Arbors at Brentwood, Cambridge at Hickory Hollow, Cherry Creek and Preakness. An ARA spokesman tells GlobeSt.com that Equity Residential is disposing of the properties to focus on major markets with high barriers to entry.
Arbors at Brentwood has been in Equity Residential's portfolio since 1993. The property, located at 100 Brentwood Place in Nashville, was built in 1986 and contains 346 units averaging 940 sf with an average rent of $814 per month. Cambridge at Hickory Hollow has been an Equity Residential holding since 1997. The property, at 660 Bell Rd. in Antioch, was built in 1997 and contains 360 units averaging 997 sf and an average rent of $751 per month.
In addition, Equity Residential has owned Cherry Creek since 1998. The property, located at 1100 Crystal Springs in Hermitage, was built in 1985 and renovated in 1999. The property contains 627 units averaging 1,010 sf with an average rent of $833 per month. The trust has owned Preakness since 1997. The property, at 630 Bell Rd. in Antioch, was built in 1985 and contains 260 units averaging 760 sf with an average rent of $624 per month, according to ARA.
The 79.6-acre multifamily development site is located at Bell Road and Blue Hole Road in Antioch, ARA adds.
"We are excited about working with [Equity] on this portfolio," Vince Lefler, ARA broker, says in a statement. "It offers a great mix of both class A and value-add properties in a very desirable market. Based on the number of calls I've received, many investors are looking at Nashville."
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