An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%.
Inspired Real Estate Partners and GEM Realty Capital acquired the property for $32.925 million, or $205,000 per unit, and will have Gallery Residential handle its management going forward. The community will also be rebranded as Lakeview at Germantown.
