Hamilton Zanze Sponsors the Acquisition of The Morris in Nashville

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Aug 27, 2024, 07:15 ET

Nineteen-Story Multifamily High-Rise Expands Company's Music City Portfolio

SAN FRANCISCO, Aug. 27, 2024 /PRNewswire/ -- Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, today announced it has sponsored the purchase of The Morris, a 19-story, 344-unit Class A apartment community in Nashville, Tenn. The acquisition closed on Aug. 16.

The Morris in Nashville, Tenn., features a rooftop pool with glass overlook, professional-quality music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center and a private yoga studio.

Hamilton Zanze sponsored the transaction through HZ Capital Partners Fund I, its discretionary fund that targets the acquisition of multifamily properties, alongside joint venture partner Lionstone Investments. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property, which is in the heart of Nashville's historic Music Row and immediately proximate to Vanderbilt University and Vanderbilt Hospital.

"We are pleased to sponsor the acquisition of this exceptional multifamily asset," said David Nelson, President and Chief Investment Officer at Hamilton Zanze. "This is a transaction in which our relationships and persistence produced a generational piece of real estate at a time of dislocation in core, infill multifamily. The Morris is well-positioned to capture future growth as supply slows down over the next 18 to 24 months."

Located at 818 19th Ave. South, The Morris was built in 2017 and offers studio, one- and two-bedroom apartment homes. Units range in size from 557 to 1,104 square feet. The homes feature designer finishes, stainless steel appliances, private terraces, 10- to 16-foot ceilings, full-size washers and dryers, hardwood-inspired flooring, floating bathroom counters and plush carpets in the bedrooms. Select homes contain smart-home technology, deluxe wine chillers and exposed concrete ceilings, columns and walls.

"Lionstone's research led us to this location, which scores prominently in our proprietary rating system," said Trisha Mantri, Vice President of Acquisitions at Lionstone Investments. "This investment represents the opportunity to purchase the asset at an attractive basis below replacement cost in a high-growth market."

Community amenities include a rooftop pool with glass overlook, professional-quality music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center, private yoga studio, concierge services, EV-charging stations, pet spa, internet cafe, coffee bar and indoor bike racks.

Located just outside of Downtown Nashville, The Morris offers residents walkable access to the abundant nightlife, restaurants and shopping destinations found in the Music Row and Midtown areas. The community also is notable for its proximity to The Gulch, an urban development on the edge of the Central Business District that features boutique hotels, live music venues, breweries and a diverse array of restaurants.

The Morris sits on the site of country music icon Dale Morris' former office. Morris has represented such major artists as Kenny Chesney, Martina McBride, Alabama and Jake Owen.

This transaction represents Hamilton Zanze's fifth sponsored acquisition of 2024.

About Hamilton Zanze
Hamilton Zanze is a private, San Francisco-based real estate investment company that invests with the highest standards. Since its founding in 2001, Hamilton Zanze has sponsored the acquisition of over $6.9 billion in multifamily assets primarily in the Western, Southwestern and Eastern U.S. The company's portfolio currently comprises 124 properties (21,865 units) across 28 markets. For additional information, visit www.hamiltonzanze.com.

SOURCE Hamilton Zanze & Company