Wharton Residential Sells Multi-Family Property in Nashville, TN; Achieves over 50% IRR
Harvests substantial gains after a complete overhaul of the asset’s interiors and exteriors
NEW YORK, Sept. 12, 2018 /PRNewswire/ — Wharton Residential, a Wharton Equity company, announces the completion of the sale of a 210-unit multifamily property, located in Nashville (Antioch), TN. Cedar Pointe, built in 1988, was acquired by Wharton Residential from the original developer in an off-market transaction in early 2017.
Antioch is an emerging sub-market in Nashville, TN. “Cedar Pointe fit squarely with our strategy of purchasing assets in growing markets where we can use our 30-years’ of experience to upgrade the character of a property and provide a wonderful living experience at a great value,” says Peter C. Lewis, President and founder of Wharton Equity.
Working closely with Tampa, FL-based design firm, CID Design, Wharton Residential completely transformed Cedar Pointe into a modern and luxurious place to call home. The renovations included: replacing the siding with HardiePlank, changing out the majority of windows; upgrading 30% of the interior units; renovating the clubhouse, pool and leasing center, enhancing the dog park and playground and significantly augmenting landscaping, lighting and signage.
Acting as true visionaries, Wharton Residential added such touches as a gourmet outdoor kitchen, a custom fire pit and jet sprays in the pool area to further enhance the property.
In the short time of Wharton’s ownership, due to the property’s transformation, the value increased at an extraordinary rate. The sale of Cedar Pointe resulted in an IRR of over 50%.
“It is very rewarding to see our vision and execution be validated in such a way. However, it is always bittersweet to move on from a transaction where we made such a successful imprint. For 30+ years we have been guided by what is in the best interest of our investors, and given all the factors, a sale at this time was the prudent step,” adds Lewis.
Wharton Residential, a family company of Wharton Equity Partners, is focused on the acquisition and development of multifamily properties primarily in the southeast United States. Over the last number of years, Wharton Residential has acquired in excess of $400 million of multifamily properties in partnership with major institutional and high net worth investors. Wharton Equity Partners, formed in 1987 and with offices in New York City and Miami, is a diversified real estate sponsor with deep hands-on operating experience across various real estate assets and strategies. The firm serves as a holding company for a suite of real estate businesses, including Wharton Residential, Wharton Industrial, Wharton Hospitality and Wharton Urban, and has been involved with well in excess of $1.5 billion in transactions since inception. Wharton Equity’s industrial business, Wharton Industrial, has been particularly busy with more than 4 million square feet of warehouse/distributions facilities under development in such markets as Atlanta, Greenville and Central Florida.