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Freeman Webb Sells $50.5 Million Portfolio, including units in Knoxville

Five-property multifamily portfolio sold to
Dominion Development Group

NASHVILLE, TN - Nashville-based real estate investment and property management firm Freeman Webb Company has successfully completed the sale of a five-property multifamily portfolio for $50.5 million, yielding more than a 7.5 equity multiple for the investment group. The portfolio includes 667 units located throughout Tennessee with an average occupancy of 95 percent and average construction date of 1980. The five properties were originally acquired between 1993 and 2011 for an average per-unit price of $17,900. Knoxville-based Dominion Development Group was the buyer of the portfolio. Cushman & Wakefield brokered the transaction through its investment sales team, led by Robbie O’Bryan and Brad Boston.

“These were strategic dispositions within our portfolio, allowing us to realize double digit returns for our investors,” said Freeman Webb Chairman Bill Freeman. “These assets are prime for an opportunistic owner looking to place fresh capital into the properties, and we think the buyer will have continued success. We are extremely pleased with the transaction.”

Properties included in the transaction are:
• Whispering Oaks in Jackson (50 units)
• The Hermitage in Jackson (228 units)
• Poplar Village in Nashville (101 units)
• Ridgeside in Chattanooga (148 units)
• Papermill Square in Knoxville (140 units)

About Freeman Webb
Freeman Webb Company is a full-service real estate investment and management firm that specializes in the acquisition, management and rehabilitation of multi-family residential and commercial properties.  Freeman Webb is proud to be one of the largest owner / operators of apartments in middle and east Tennessee, and they own and/or manage more than 16 million square feet of multi-family, office and retail space throughout the Southeast and Midwest.  Freeman Webb is the 2019 Greater Nashville Apartment Association’s Property Management Company of the Year, the 2019 Nashville Business Journal’s Best in Business recipient and the 2017 Accredited Management Organization (AMO) Firm of the Year as designated by the Institute of Real Estate Management (IREM). The company was also voted by its employees as a Top Workplace in Nashville in The Tennessean for the past three years.  Freeman Webb has a total portfolio of approximately 16,000 multi-family units across Tennessee, Missouri and Alabama.

Published December 12, 2019

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