June 1, 2022 – The Connor Group closed a $162 million sale in Nashville today with the sale of Elliston 23. The transaction is the third-largest property sale in the company’s 30-year history. The Dayton-based real estate investment firm purchased the 331-unit property in 2014. Today’s disposition highlights the unprecedented investor demand in the Nashville market for quality mid-rise apartment communities.
“In our opinion, there is tremendous opportunity for future growth in the Nashville market,” managing partner Larry Connor said. “We’ve continued to invest in the market for the last nine years and expect to be here long-term.”
Since 2013, the company has expanded its Nashville portfolio to include a pair of luxury apartment communities in the Murfreesboro submarket. Currently, The Connor Group operates 432 of its nearly 13,000 units in the Nashville area.
Today, The Connor Group set another record, closing $398.8 million in property sales and acquisitions within one week. On its four property sales in 2022, the average IRR is a staggering 51.34%. After just five months, the company has closed or placed under agreement $1.85 billion in transactions and is on pace for another record-setting year.
“We tend to do exceptionally well in disruptive markets,” Connor said. “We anticipate the next 12 to 24 months will create the best buying opportunities in more than a decade. We’re looking to grow in any one of our 16 markets, and we’re about to add Phoenix as our 17th market.”
The Connor Group, founded in 1992, currently owns and operates 39 luxury apartment communities in 16 markets across the country. The company successfully closed more than $1 billion in transactions for the fourth consecutive year.
About The Connor Group
The Connor Group, founded in 1992, has grown from $0 to $3.5 billion in assets. The real estate investment firm owns and operates luxury apartments in Austin, Nashville, Tampa, Atlanta, Minneapolis, Chicago, Charlotte, Raleigh-Durham, San Antonio, Dallas, Denver, Louisville, Indianapolis, and its home state of Ohio. The Connor Group has won numerous awards regionally and nationally for excellence, innovation and philanthropic efforts.