Cantor Fitzgerald Announces the Sale of 865 Bellevue Apartments in Nashville, Tennessee

Rhea-AI Summary

Cantor Fitzgerald announced the successful sale of 865 Bellevue Apartments in Nashville, delivering a 156% return on investors' original investment and an internal rate of return of 15% over a three-year hold period. The property features 326 units and various amenities, and its location provides convenient access to Nashville's employment centers. The sale was facilitated amidst economic challenges, reflecting a well-executed business strategy. As of December 2022, Cantor Fitzgerald's portfolio includes over 7,900 multifamily units and substantial commercial real estate holdings.

Positive

• Achieved a 156% return for investors on original investments.
• Internal rate of return of 15% over a three-year period.
• Successfully navigated economic challenges during the hold period.
• Enhanced property value through upgrades and improved amenities.

Negative

• None.

NEW YORK, Dec. 22, 2022  /PRNewswire/ -- Cantor Fitzgerald, L.P. ("Cantor Fitzgerald"¹) announced the sale of 865 Bellevue Apartments in Nashville, Tennessee. The sale was facilitated on behalf of investors in 865 Bellevue Apartments, resulting in a total return of 156% of their aggregate original investment and an internal rate of return of 15% over the approximately three-year hold period.² 

865 Bellevue Apartments is a 326-unit, garden-style apartment community featuring spacious units and community amenities, including a clubhouse, fitness center, two swimming pools, and a dog park. Area amenities include, One Bellevue Place, a mixed-use development containing retail, restaurants and entertainment located less than one mile from the property. The property is within the highway 70 and I-40 corridor, approximately 14 miles from Downtown Nashville, providing convenient access to major employment and entertainment centers.

"We acquired 865 Bellevue Apartments in March 2019. Over the past three years, which included navigating the challenges of the COVID-19 pandemic, we successfully executed the business plan to enhance the value of this well-located property by, upgrading select unit interiors and enhancing community amenities," said Matt Keefer, Managing Director and Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management. 

"The profitable sale of 865 Bellevue Apartments is the culmination of a collaborative process, including the assumption of attractive long-term fixed-rate financing, among a strong buyer and cooperative lender while successfully navigating a challenging economic environment," said Aaron Wessner, Managing Director, Head of Capital Markets, Cantor Fitzgerald Asset Management. "We are pleased to have delivered an attractive return for investors with this sale." 

As of December 8, 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, and retail space across 148 properties. For the 12-month period ending September 30, 2022, Cantor Fitzgerald participated in more than $155 billion of total real estate transactions.³ 

¹ Cantor Fitzgerald refers to Cantor Fitzgerald, L.P., its subsidiaries, including Cantor Fitzgerald & Co., and its affiliates including BGC Partners (NASDAQ: BGCP) and Newmark (NASDAQ: NMRK).
² Calculated inclusive of sale proceeds, cash, distributions, and an estimated release of retained reserves for aggregate investors.
³ Real estate transactions include the activity of our affiliate, Newmark.

About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, commercial real estate, and infrastructure, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform. For more information, please visit www.cantor.com.

About Cantor Fitzgerald Asset Management
Cantor Fitzgerald Asset Management is a platform that encompasses mutual funds, interval funds, exchange-traded funds, separately managed accounts, unified managed accounts, non-traded REITs, opportunity zone funds, 1031 and 721 exchange vehicles, and other private investment vehicles. The experience and knowledge of its senior leadership and portfolio management teams combined with the financial services prowess of industry leader, Cantor Fitzgerald, enable the delivery of a platform of solutions across a comprehensive range of capabilities.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cantor-fitzgerald-announces-the-sale-of-865-bellevue-apartments-in-nashville-tennessee-301708816.html

SOURCE Cantor Fitzgerald, L.P.

FAQ

What was the return for investors from the sale of 865 Bellevue Apartments by Cantor Fitzgerald?

Investors received a total return of 156% on their original investment.

When did Cantor Fitzgerald acquire 865 Bellevue Apartments?

Cantor Fitzgerald acquired the property in March 2019.

What is the internal rate of return from the sale of 865 Bellevue Apartments?

The internal rate of return was 15% over approximately three years.

How many units does 865 Bellevue Apartments have?

The property features 326 units.

What is Cantor Fitzgerald's real estate portfolio size as of December 2022?

Cantor Fitzgerald's portfolio includes over 7,900 multifamily units and additional commercial real estate.