Matthews™ Closed $31M Off-Market Sale of TN Townhomes

 Townhome Sale in Clarksville

 

Nashville, TN —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, executed on the sale of Victory Place Townhomes, located at 401 Victory Road, Clarksville, TN. The sale marks the largest transaction, by unit count and dollar amount, over the last 12 months in the Clarksville market.  Matthews™ Senior Associate Austin Tomaiko and Vice President and Associate Director Austin Graham represented the seller in the transaction.

 

The seller, Singletary Construction, is the property’s original developer and built and stabilized the asset in 2021. Victory Place boasts institutional-grade amenities, such as a pool, fitness center, leasing office, dog parks, and more. With 194 total units, the complex offered 1×1.5, 2×2, and 3×2 floorplans. The agents secured premium pricing for today’s market at $31,000,000, with a smooth and swift closing period.

 

“Through the competitive bidding environment we created for the seller, we allowed the family to exit the property at an aggressive basis for the market, cash out, and recycle that capital back into their construction company,” Tomaiko said. “This added value to the family business by allowing the sellers to grow their development company and deliver additional rental housing products to Clarksville.”

 

Victory Place was acquired by New York-based private equity firm BridgeGaps. The firm was in a 1031 exchange and had a strong motivation to continue building their portfolio in the Nashville MSA.

 

“The buyer took over a Class AA garden-style complex in one of the most hyper-growth submarkets in Middle TN,” Graham said. “The complex also features some amenity space that was being under-utilized, which the buyer plans to revitalize and revamp to make the complex stand out amongst the rental comp deck.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.