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Lion Real Estate Group, LLC (“LREG”), a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced two separate transactions in the Nashville metropolitan statistical area (MSA).
LREG acquired Brentwood Station, a 196-unit asset adjacent to the fast-growing Brentwood submarket, for $30.25 million. The property was obtained at a 4.5% cap rate via LREG Multifamily Fund II LP, a $250 million private equity fund managed by the firm to acquire value-add multifamily real estate across the Southeast, Texas, and Intermountain West regions.
Brentwood Station offers a mix of one- and two-bedroom units, including two-bedroom townhomes, which range between 750 and 1,140 square feet. Premium on-site amenities include a swimming pool, pet park, fire pit area, playground, business center and fitness center. Brentwood Station also provides convenient access to the I-65, Nashville International Airport and Vanderbilt University. Brett Kingman of Walker & Dunlop was the selling broker in the transaction.
“The U.S. multifamily market remains strong, is producing high risk-adjusted returns, and continues to exhibit lower occupancy and rent volatility relative to other real asset classes,” said Jeff Weller, Co-Founder and Managing Principal of LREG. “Our network of investors, brokers and industry professionals allows us to capture this momentum by identifying attractive investment opportunities across the country. We look forward to adding value at Brentwood Station through refinancing and our value-add program and have strong conviction in the Nashville market moving forward.”
LREG has also completed the sale of The Ellington, an apartment complex located three miles southeast of Nashville’s downcore core, for $47 million. Originally acquired for $30.3 million as the firm’s first Nashville syndication deal. The 389-unit property provides a mix of one-, two-, and three- bedroom apartments, each between 750 and 1,300 square feet, as well as a fitness center, two resort-style swimming pools, a clubhouse, and a playground for its residents. Under LREG’s ownership, The Ellington recently completed a $5.8 million refurbishment program to create accommodation. Brett Kingman of Walker & Dunlop was the selling broker in the transaction.
“The successful disposition of The Ellington is a testament to the effectiveness of our business plan,” added Mory Barak, Co-Founder and Managing Principal of LREG. “We have combined our knowledge of local economic trends and multifamily fundamentals to ensure that residents and investors alike are seeing positive returns on their respective investments.”
The Nashville MSA’s population has increased 21% over the last decade, accounting for most of Tennessee’s expansion, per the 2020 U.S. Census. Job growth also rose by 26% in the same timeframe, making Nashville the second-fastest growing metro economy in the country, according to the city’s Regional Economic Development Guide. Among the largest companies with corporate headquarters in Nashville are Bridgestone Americas, Dollar General, and HCA Healthcare. Other major employers include Vanderbilt University Medical Center, Nissan North America, and Amazon.
LREG now owns eight properties in the Nashville area, accounting for more than 1,600 residential units.
About Lion Real Estate Group
Lion Real Estate Group is a real estate investment firm founded in 2007 by Jeff Weller and Mory Barak and headquartered in Dallas, Texas. Lion Real Estate Group focuses on acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals’ experience to create value for investors through renovation, repositioning, better management, and optimum capitalization of its properties. The firm currently owns and operates approximately more than $1.2 billion of real estate, which includes 6,121 residential units, 29 multifamily properties and two office buildings across 10 states.
LREG Multifamily Fund II LP is a private equity fund focused on acquiring between $700 million and $1 billion of value-add real estate within the next 24 months across the Southeast, Texas, and Intermountain West regions.
For more information, visit www.lionreg.com.
Contact
Mickey Mandelbaum, Prosek Partners
(310) 709-8900
mmandelbaum@prosek.com
Aidan O’Connor, Prosek Partners
(646) 818-9283
aoconnor@prosek.com
