Cantor Fitzgerald L.P. announced the sale of Rivertop Apartments in Nashville, Tennessee. According to the company, the sale resulted in a total return of 137% of investor’s aggregate original investment and internal rate of return of 12% over the approximately three-year hold period.
Based on public filings with the U.S. Securities and Exchange Commission reviewed by The DI Wire, the sale was apparently facilitated on behalf of CF Rivertop Multifamily DST, a private placement offering launched in October 2019 which raised more than $32 million in investor equity.
Rivertop Apartments is a 224-unit, Class-A apartment community featuring various interior finishes and a variety of amenities, including a resort-style pool, 24-hour fitness center and a pet spa.
The property is approximately eight miles west of downtown Nashville, along the I-40 corridor, providing access to employment centers, universities, retail centers, and lifestyle amenities.
“Rivertop Apartments is uniquely located on an elevated site with scenic views of the Cumberland River within the vibrant Nashville market,” said Aaron Wessner, managing director and head of capital markets for Cantor Fitzgerald Asset Management. “Over the past three years, we successfully executed the business plan to optimize operations for this high-quality property and are pleased to have delivered an attractive return for investors.”
As of Dec. 31, 2022, Cantor Fitzgerald’s real estate investment portfolio comprises over 7,900 stabilized multifamily units plus over 2,500 units under development, and over 8.1 million square feet of office, industrial, life science, and retail space across 147 properties. For the 12-month period ending September 30, 2022, Cantor Fitzgerald participated in more than $155 billion of total real estate transactions.