{"id":1004081273,"date":"2013-08-05T12:43:28","date_gmt":"2013-08-05T20:43:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=156084"},"modified":"2020-04-22T22:22:20","modified_gmt":"2020-04-23T06:22:20","slug":"landmark-breaks-into-nashville-apartment-market-with-380-unit-community","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\/","title":{"rendered":"Landmark Breaks Into Nashville Apartment Market with 380-Unit Community"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

Nashville\u2019s multifamily is staying hot, continually proving that the multifamily market\u2019s success in Music City is not just a temporary spike \u2013 it\u2019s here to stay.<\/p>\n

The Nashville Business Journal<\/em><\/a>, quoting a Colliers International market snapshot, reported a 0.9 percent increase in the occupancy rate, bringing it to 95.8 percent for 2013\u2019s second quarter, while rents went up 2.1 percent to an average of 91 cents per square foot. The market\u2019s performance is more impressive when the 766 new apartment units that came to the market are taken into consideration.<\/p>\n

This should come as no surprise as more and more of the multifamily industry\u2019s movers and shakers move into the Nashville area. For example, Landmark Apartment Trust of America (LATA), has recently bought into the Greater Nashville Area, by purchasing Mission Brentwood Apartments. \"\"<\/a>According to the Nashville Business Journal<\/em><\/a>, LATA paid $32.3 million or $85,000 per unit for the 380-apartment community located at 1000 Enclave Circle, in South Nashville. According to a press release, the low-rise apartment community was part of a three-property acquisition, worth $98.9 million. Now renamed Landmark at Wynton Pointe, the asset was picked up along with the 364-unit Landmark at Preston Wood, located in Richardson, TX and the 590-unit Landmark at Gleneagles, located in Dallas, TX. Combined, the properties comprise 1,334 units and boast a 94 percent occupancy rate. Landmark at Wynton Pointe boasts amenities such as multiple swimming pools, heated spa, fully equipped fitness center, picnic and grill area, 1,932 square feet of tennis courts, resident business center, Wi-Fi caf\u00e9 and car care center.<\/p>\n

\u201cWe continue to invest in multifamily properties located in Southern U.S. markets that we believe will benefit from our proven repositioning program and sophisticated operating platform,\u201d declared LATA Chief Executive Officer Stanley J. Olander, adding \u201cWe are also pleased to be entering Tennessee where we\u2019ve identified strong market fundamentals and an opportunity to grow our portfolio.\u201d<\/p>\n

According to real estate website PropertyShark<\/strong><\/em><\/a>, the 33.15-acre asset was previously owned by Mission Brentwood, Dst, an Oakton, VA-based entity that purchased the community in October 2006. The same source estimated the property\u2019s 2012 market value at $18,676,000.<\/p>\n

Image courtesy of Google Maps.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nashville’s multifamily is staying hot, continually proving that the multifamily market’s success in Music City is not just a temporary spike – it’s here to stay.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004081273","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"\nLandmark Breaks Into Nashville Apartment Market with 380-Unit Community - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landmark Breaks Into Nashville Apartment Market with 380-Unit Community\" \/>\n<meta property=\"og:description\" content=\"Nashville’s multifamily is staying hot, continually proving that the multifamily market’s success in Music City is not just a temporary spike – it’s here to stay.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-05T20:43:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T06:22:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/mission-brentwood-apartments.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Landmark Breaks Into Nashville Apartment Market with 380-Unit Community\",\"datePublished\":\"2013-08-05T20:43:28+00:00\",\"dateModified\":\"2020-04-23T06:22:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\\\/\"},\"wordCount\":364,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-breaks-into-nashville-apartment-market-with-380-unit-community\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/mission-brentwood-apartments.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Nashville - 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