DALLAS, Dec. 14, 2021 /PRNewswire/ -- Lion Real
Estate Group, LLC ("LREG"), a real estate investment and asset
management firm focused on acquiring value-add and opportunistic
multifamily properties, today announced two separate transactions
in the Nashville metropolitan
statistical area (MSA).
LREG acquired Brentwood Station, a 196-unit asset adjacent to
the fast-growing Brentwood
submarket, for $30.25 million. The
property was obtained at a 4.5% cap rate via LREG Multifamily Fund
II LP, a $250 million private equity
fund managed by the firm to acquire value-add multifamily real
estate across the Southeast, Texas, and Intermountain West regions.
Brentwood Station offers a mix of one- and two-bedroom units,
including two-bedroom townhomes, which range between 750 and 1,140
square feet. Premium on-site amenities include a swimming pool, pet
park, fire pit area, playground, business center and fitness
center. Brentwood Station also provides convenient access to the
I-65, Nashville International
Airport and Vanderbilt University.
Brett Kingman of Walker & Dunlop
was the selling broker in the transaction.
"The U.S. multifamily market remains strong, is producing high
risk-adjusted returns, and continues to exhibit lower occupancy and
rent volatility relative to other real asset classes,"
said Jeff Weller, Co-Founder and Managing Principal of LREG.
"Our network of investors, brokers and industry professionals
allows us to capture this momentum by identifying attractive
investment opportunities across the country. We look forward to
adding value at Brentwood Station through refinancing and our
value-add program and have strong conviction in the Nashville market moving forward."
LREG has also completed the sale of The Ellington, an apartment
complex located three miles southeast of Nashville's downcore core, for $47 million. Originally acquired for $30.3 million as the firm's first Nashville syndication deal. The 389-unit
property provides a mix of one-, two-, and three- bedroom
apartments, each between 750 and 1,300 square feet, as well as a
fitness center, two resort-style swimming pools, a clubhouse, and a
playground for its residents. Under LREG's ownership, The Ellington
recently completed a $5.8 million
refurbishment program to create accommodation. Brett Kingman of Walker & Dunlop was the
selling broker in the transaction.
"The successful disposition of The Ellington is a testament to
the effectiveness of our business plan," added Mory Barak,
Co-Founder and Managing Principal of LREG. "We have combined our
knowledge of local economic trends and multifamily fundamentals to
ensure that residents and investors alike are seeing positive
returns on their respective investments."
The Nashville MSA's population has increased 21% over the last
decade, accounting for most of Tennessee's expansion, per the 2020 U.S.
Census. Job growth also rose by 26% in the same timeframe, making
Nashville the second-fastest
growing metro economy in the country, according to the city's
Regional Economic Development Guide. Among the largest companies
with corporate headquarters in Nashville are Bridgestone Americas, Dollar
General, and HCA Healthcare. Other major employers include
Vanderbilt University Medical Center,
Nissan North America, and Amazon.
LREG now owns eight properties in the Nashville area, accounting for more than 1,600
residential units.
About Lion Real Estate Group
Lion Real Estate Group is a real estate investment firm
founded in 2007 by Jeff Weller and Mory
Barak and headquartered in Dallas, Texas. Lion Real
Estate Group focuses on acquisition of value-add and opportunistic
multifamily and creative office properties by leveraging its
principals' experience to create value for investors through
renovation, repositioning, better management, and optimum
capitalization of its properties. The firm currently owns and
operates approximately more than $1.2
billion of real estate, which includes 6,121 residential
units, 29 multifamily properties and two office buildings across 10
states.
LREG Multifamily Fund II LP is a private equity fund focused on
acquiring between $700 million and
$1 billion of value-add real estate
within the next 24 months across the Southeast, Texas, and Intermountain West regions.
For more information,
visit www.lionreg.com.
Contact
Mickey Mandelbaum, Prosek
Partners
(310) 709-8900
mmandelbaum@prosek.com
Aidan O'Connor, Prosek
Partners
(646) 818-9283
aoconnor@prosek.com
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SOURCE Lion Real Estate Group, LLC