NASHVILLE, Tenn.--(BUSINESS WIRE)--CIM Group today announced the acquisition of Stacks on Main, a newly constructed five-story, 268-unit apartment building with 377 parking stalls located at 535 Main Street in the East Nashville neighborhood. Located 1.5 miles east of Downtown Nashville, the neighborhood is a hub of art, music, restaurants and bars with a vibrant craft beer scene, and an array of boutiques and local retailers.
Stacks on Main, which opened in October 2016, consists of one- and two-bedroom units, offering washer/dryer, quartz and granite countertops, stainless steel appliances, Google Fiber, and an intrusion alarm security system and a range of amenities including a salt water pool, barbeque area, rooftop deck with city views, fitness and yoga center, music room, bike storage, clubhouse and business center. The property is conveniently located close to the area’s major thoroughfares, with immediate access to the Ellington Parkway, U.S. 41, and Interstate 24, and is also proximate to several bus lines that connect into downtown Nashville in less than 10 minutes.
CIM made its first investment in Nashville in 2015 with the acquisition of L&C Tower, a 272,000-square-foot office building located in the downtown core after identifying the community as possessing the attributes that fit its investment strategy, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com.