Origin Investments has announced the acquisition of the Queens Weho apartment community for nearly $80 million. The recently completed 221-unit multifamily community is located in the Wedgewood Houston neighborhood and is walkable to downtown Nashville. With this acquisition, Origin Investments’ portfolio of multifamily properties totals nine communities varying stages of pre-development, construction, or operation in Nashville. Queens WeHo is located at 715 Hagan Street.
“As active investors and developers in Nashville, we recognized the necessity of being in the dynamic Wedgewood-Houston submarket and were highly impressed by the unique nature of Queens WeHo,” said Kyle Verhasselt, Senior Vice President of Acquisitions at Origin Investments. “With its distinctive design, prime location, and strong potential, we are excited to add this exceptional asset to Origin’s portfolio in Nashville and across the country.”
Designed by Nashville-based firms EOA and Manuel Zeitlin Architects, the property was developed by Proffitt Dixon Partners and delivered in 2023. The community features a mix of studio, one, two, and three-bedroom units ranging in size from 559 square feet to 1,120 square feet. At the closing, the stabilized community was approximately 94% occupied after leasing at a pace of more than 20 units per month during the summer and fall.
Another significant benefit of the property is its well-located restaurant and retail space. It is fully leased to Mercado by Butchertown, an extremely popular Nashville restaurant that also features its dynamic rooftop bar, Ramone’s, which offers breathtaking views of the downtown skyline.
Walker & Dunlop directed the Investment Sale and Debt Placement efforts in the transaction. The Walker & Dunlop team included Jamie Butler, senior managing director; and Cliff Ayers, Jason McFadden, and Michael Bowles, all managing directors.
“Walker & Dunlop’s platform enabled seamless collaboration, with Investment Sales representing the seller and Capital Markets facilitating the financing for the buyer. We were thrilled to represent the seller and work with our capital markets team, who provided attractive financing options for this exceptionally well-executed asset,” said Russ Oldham, managing director of Investment Sales at Walker & Dunlop.
Origin Investments now has nine (9) multifamily communities totaling more than 2,320 units in varying stages of the development, ownership and management cycle in the Nashville marketplace. One notable project is the transformation of the Beaman Automotive site in EdgeHill (shown above). That property has views of the downtown skyline and anchors the gateway into EdgeHill from 12th Avenue South.
Origin, which made its first investment in Nashville in July, 2021 remains very bullish on the market based in part on its strong fundamentals and growth projections.
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