NASHVILLE—Aventura at Providence, a class A, garden-style multifamily property in the fast-growth Nashville suburb of Mt. Juiliet, Tenn., just traded hands. TriBridge Residential sold the multifamily asset to Centennial Holding Company for $48 million.

JLL managing directors Derrick Bloom and David Gutting, along with senior vice president Vincent Lefler, represented the seller. Aventura at Providence is a 334-unit resort-style multifamily property located in the Providence Marketplace master-planned community.

“The resident base in Mt. Juliet has grown more than 130 percent since 2000,” says Lefler. “Occupancy rates are high and with the recent addition of Amazon's new fulfillment center, which is bringing 900 new jobs to the area, this positive trajectory will only continue.”

JLL also secured $35 million in multifamily acquisition financing. Freddie Mac provided the seven-year, fixed-rate loan. JLL international director Faron Thompson and managing director John Bray led the financing efforts as part of the firm's Seller/Servicer partnership with Freddie Mac Program Plus.

“The strong upside potential on rental rates gave lenders plenty of confidence in the asset, which is poised to deliver solid yields,” says Thompson. Located at 2500 Aventura Drive, 10 miles east of Downtown Nashville, JLL reports the complex attracts Nashville's growing base of young professionals and families because of how close it is to the area's main job hubs, quality schools, and walkability to shopping, restaurants, and entertainment.

Nashville has seen plenty of interest from investors in the past 18 months, but what about Tennessee's tertiary markets, like Knoxville. Jim Holleman, principal with Cushman & Wakefield | Cornerstone in Knoxville, tells GlobeSt.com investors are making their way to tertiary markets like Knoxville, and are chasing yields that they can't find in first- and second-tier markets.

“The Downtown Knoxville market has seen a commercial real estate shift towards residential and entertainment,” says Holleman. “This has resulted in the re-development of many buildings in this market. In turn, the office market has been flat in the downtown area.”