Westplan Investors is excited to announce the unique sale of Accent Glassworks in the Metrocenter submarket of Nashville, Tennessee.
The 282-unit Class A project was started in December 2018 and is expected to reach final completion in October 2020. The initial lease-up velocity was very strong and it was 22% occupied at the closing of the sale. The annual IRR of 32.5% was more than double original expectations.
Westplan has sold 4,688 apartment units for a total of $735 million that it has acquired and developed since 2011. In addition, it is planning to sell two more multi-family communities totaling 398 units later this year. Rob Carter, Partner said “despite the pandemic we continue to see a tremendous amount of capital interested in purchasing quality assets in growing markets. Although our current inventory of stabilized assets is historically low we have more than 1,200 units in the development pipeline.”
The demand to lease multi-family communities is expected to continue in the coming years due to favorable demographics and the lifestyle and financial flexibility it offers residents. This should continue to increase capital from private and institutional investors in the asset class. Low interest rates and structural changes in office and retail assets are also expected to drive interest in multi-family communities.