Institutional Property Advisors Closes Multifamily Asset Sale in Suburban Nashville
March 16, 2026
THOMPSON’S STATION, Tenn., Mar. 16, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Newport Station, a 192-unit multifamily property in Thompson’s Station, Tennessee.
“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 David Stollenwerk, IPA managing director investments. “From 2010 to 2020, the population in Thompson’s Station grew by 241%, an increase that significantly outpaces both state and national averages.” Stollenwerk, Christian Farris, Will Balthrope and Drew Garza, in association with Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, represented the seller and secured the buyer. “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.
The property is 30 miles south of Nashville along the Interstate 65 corridor, close to major automotive manufacturing facilities such as General Motors’ Spring Hill Manufacturing plant and Ultium Cells LLC. Shopping is nearby at The Shoppes at Campbell Station in Spring Hill, and Columbia State Community College is within a short drive. The 400-acre master-planned community of June Lake and the city of Franklin are within proximity.
Completed in 2024 on nearly 13 acres, Newport Station is a three-story garden-style asset with a resort-style swimming pool, fitness center, and dog park. Apartments have washers and dryers, custom cabinetry, fireplaces, built-in bookshelves, and hardwood floors. The average unit size is 1,287 square feet.
“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.
“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 David Stollenwerk, IPA managing director investments. “From 2010 to 2020, the population in Thompson’s Station grew by 241%, an increase that significantly outpaces both state and national averages.” Stollenwerk, Christian Farris, Will Balthrope and Drew Garza, in association with Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, represented the seller and secured the buyer. “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.
The property is 30 miles south of Nashville along the Interstate 65 corridor, close to major automotive manufacturing facilities such as General Motors’ Spring Hill Manufacturing plant and Ultium Cells LLC. Shopping is nearby at The Shoppes at Campbell Station in Spring Hill, and Columbia State Community College is within a short drive. The 400-acre master-planned community of June Lake and the city of Franklin are within proximity.
Completed in 2024 on nearly 13 acres, Newport Station is a three-story garden-style asset with a resort-style swimming pool, fitness center, and dog park. Apartments have washers and dryers, custom cabinetry, fireplaces, built-in bookshelves, and hardwood floors. The average unit size is 1,287 square feet.
“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.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.