Development
Accent Metrocenter consisted of 282 multifamily units in Nashville, one of the fast-growing markets in the southeastern U.S. To capitalize on this momentum, Westplan is currently building a new project called Accent Nolensville Pike which is within walking distance of the MLS stadium under construction.
Key data
| Developer | Westplan Investors |
| Investment date | Q4 2018 |
| Foundation costs | $49,5M |
| Construction lenders | $31,7M |
| Equity invested | $18,075,000 |
| Original return | 15% IRR p/y |
| Original duration | 3 years |
| Final Equity Multiple | 1.61 |
| Final IRR | 33% |
Strategy
Our strategy is “build, fill and sell”. We develop the complex, lease the apartments and then sell to an end buyer when the occupancy is stable. Generally, the process takes 3 to 4 years.
Result: a unique transaction
Accent Metrocenter was sold for $63,450,000 ($225,000/unit). Not only did the project sell for a higher amount than projected, it also was sold significantly faster than expected. For the first time in Westplan’s history, a complex was sold prior to completion. It was definitely a unique transaction that produced great results for investors.
