NASHVILLE, TN--(Marketwire - Aug 2, 2011) - Freeman Webb Investments, Inc., a private, full service real estate investment and management firm, announced today its acquisition of the Northridge, Cedarwood and Whispering Oaks Apartments in Jackson for $13 million. This transaction marks the 20th apartment acquisition that Freeman Webb has made in the last 24 months, continuing their trademark investment strategy of being active buyers in down real estate cycles.
Freeman Webb acquired the 311 unit Jackson portfolio on July 29th from The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15 which was the previous lender. The three deals in Jackson include: the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and Whispering Oaks Apartments on Campbell Street. The transaction was brokered by William Kirkland of The Kirkland Company.
The three properties were bought from the lender at a 40% discount to the previously recorded loan amounts. One of the other attractions to this portfolio was the discount to replacement costs, according to Kent Burns, president of Freeman Webb Investments, Inc.
"The Jackson properties represent tremendous value for our investors. Two of the three properties were constructed in 1996 yet the purchase price equates to less than half the cost to build new construction in this market. With the deals in Jackson, we've now acquired 20 properties since the recession started two years ago," added Burns.
Last December, Freeman Webb was named 2010 "National Property Management Company of the Year" by the NAHB at the annual Pillars of the Industry Awards. Freeman Webb was also named "Management Company of the Year" the same month by the Greater Nashville Apartment Association (GNAA).
"We are proud that our property management team has received the highest acclaim in our industry," continued Burns. "Our property management division has a proven track record of revitalizing mismanaged or undercapitalized real estate. We will bring this experience as we take ownership of the Jackson properties."
Freeman Webb is the largest private owner/manager of apartments in Nashville with more than 13,000 multifamily units in its portfolio across the region.
About Freeman Webb Investments, Inc.
Freeman Webb Investments, Inc. acquires commercial and multi-family residential properties for the company's long-term portfolio and investor clients and is a subsidiary of Freeman Webb, Inc. Founded in 1979 by William H. Freeman and James A. Webb III., Freeman Webb, Inc. is the largest private owner/manager of apartments in Nashville and presently has more than 13,000 multifamily units under management. Freeman Webb also manages more than 1,200,000 square feet of commercial property across the southeast. Nationally, the company manages a total of more than 14,000,000 square feet of residential and commercial property. It specializes in the acquisition, management and renovation of multi-family residential and commercial property in the Southeast, Midwest and Southwest. Freeman Webb Inc. employs more than 400 associates. For more information, visit www.freemanwebb.com.