CBRE Arranges $14.9M Sale of The Eastland Apartment Community in Nashville, Tenn.

CBRE announced the $14.9 million sale of The Eastland, a 49-unit apartment community in Nashville, Tenn., to Virginia-based investor Cherner Development Group.

Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction.

The Eastland is located at 1035 W. Eastland Ave. The five-story multifamily building features 49-residences, offering one- and two-bedroom units with an average unit size of 571. Completed in 2017, The Eastland features boutique-style living with high end, modern finishes and ground floor retail space. The building was 96 percent occupied at the time of sale.

The community is located within minutes from Oracle’s new headquarters, Downtown Nashville’s Central Business District, Titan Stadium and Shelby Park. It is walkable to numerous employment, retail and entertainment amenities.

"This is one of the fastest growing submarkets in Nashville with high barriers to entry which we believe will offer long term success for the new buyer, just as it did for the seller,” said Carr, CBRE Vice President in Nashville. “This transaction boasted record price per door and price per square foot in the East Nashville submarket.”

About Lion Real Estate Group, LLC

Lion Real Estate Group is a vertically integrated real estate investment firm founded in 2007 by Jeff Weller and Mory Barak. Lion Real Estate Group focuses on acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals’ experience in order to create value for its investors through renovation, repositioning, better management and optimum capitalization of its properties. Lion has an entrepreneurial team that possesses a track record in the execution of sophisticated investment strategies and has been a part of more than $1.5 billion of joint venture, equity and mezzanine real estate transactions. The firm currently owns and operates 5,909 units across twenty-eight multifamily properties and two office properties located in the Los Angeles, Nashville, Denver, Dallas, Austin, Atlanta and Salt Lake City areas. Lion Real Estate is currently investing out of their LREG Multifamily Fund II, a $250M discretionary multifamily fund.