Wharton Residential Acquires 210-Unit Multifamily Property In Nashville, TN MSA
Continues Focus on the Acquisition of Value-Add Properties in Strong Secondary Markets
NEW YORK, NY — Wharton Residential, a Wharton Equity company, announces the acquisition of Cedar Pointe, a 210-unit multifamily property located in Antioch, TN. The property, built in 1988, was acquired from the original developer in an off-market transaction. The purchase follows almost $400 million of multifamily acquisitions and dispositions the firm has undertaken over the last few years which have generated annual weighted average returns in excess of 25%.
Antioch is an emerging sub-market in Nashville, TN catering to residents seeking workforce housing. “Cedar Pointe fits 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.
The firm, working closely with Tampa, FL-based design firm, CID Design, is planning an extensive overhaul of Cedar Pointe including: replacing the siding with HardiePlank, changing out the majority of windows; upgrading units; renovating the clubhouse, pool and leasing center and significantly augmenting landscaping. “We’re really excited about re-envisioning this asset by providing such touches as a gourmet outdoor kitchen, jet sprays in the pool, cabana area, fire pit, WiFi throughout and great areas for gathering in the clubhouse,” adds Lewis.
Antioch is located within 20 minutes of downtown Nashville and Nashville International Airport. The area is a beneficiary of the tremendous job growth the City is experiencing, particularly in the health care sector. Employers like HCA are in the immediate vicinity. Besides the robust job market, Nashville is one of the most sought-after places to live in the US with its professional sports teams, music industry, great culinary scene, and affordable lifestyle.
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 billion in transactions since inception.