Institutional Property Advisors Closes Sale of Newport Station Multifamily Property in Suburban Nashville
THOMPSON'S STATION, Tenn., March 16, 2026 — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Newport Station, a 192-unit multifamily property located in Thompson's Station, Tennessee, approximately 30 miles south of Nashville along the Interstate 65 corridor.
Deal Overview
Newport Station is a 192-unit, garden-style multifamily community completed in 2024 on nearly 13 acres. The property is a three-story asset featuring a resort-style swimming pool, fitness center, and dog park. Individual units include washers and dryers, custom cabinetry, fireplaces, built-in bookshelves, and hardwood floors, with an average unit size of 1,287 square feet. The identities of both the buyer and seller were not disclosed. No transaction price or financing terms were disclosed in connection with the sale.
The IPA brokerage team representing the seller included David Stollenwerk, managing director investments; Christian Farris; Will Balthrope; and Drew Garza, in association with Jody McKibben, Marcus & Millichap's broker of record in Tennessee.
Nashville MSA Market Conditions
IPA brokers cited several market factors underpinning demand for multifamily real estate in the Thompson's Station submarket. "The Nashville MSA's combination of affordable cost of living, strong employment opportunities, and no state income tax helps attract 28,500 people annually," said Stollenwerk. "From 2010 to 2020, the population in Thompson's Station grew by 241%, an increase that significantly outpaces both state and national averages."
The median price of single-family homes in the area was also cited as a driver of multifamily investment activity. "The high median price of a single-family home in the city, which grew to $819,000 last year, the region's employment stability, and the lack of new apartment supply all contribute to a favorable multifamily investment market," said Farris.
Property Location and Surrounding Infrastructure
Newport Station is located within proximity to major automotive manufacturing facilities, including General Motors' Spring Hill Manufacturing plant and Ultium Cells LLC. Retail amenities are available at The Shoppes at Campbell Station in Spring Hill, and Columbia State Community College is located within a short drive. The 400-acre master-planned community of June Lake and the city of Franklin are also nearby.
IPA's Institutional Platform
"IPA provides investors with a large inventory of high-quality multifamily investment opportunities in every market, supported by local market expertise and comprehensive research," said Balthrope. According to IPA, its platform encompasses real estate investment, capital markets expertise, and proprietary research to support the acquisition, disposition, and financing of institutional properties and portfolios.