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Oct. 11, 2013

The Connor Group Acquires Ashton Brook Apartments for $60.5 Million

By Eliza Theiss, Associate Editor

Beware Nashville, there’s a new multifamily player in town. Centerville, Ohio-based The Connor Group, just entered the Nashville apartment market with a bang. The company acquired Ashton Brook, a 390-unit luxury apartment community from Alara Franklin Corp. for $60.5 million, reported the Dayton Daily News. The purchase is the real estate investment firm’s second largest purchase to date, and is in fact, according to The Tennessean, metro Nashville’s most expensive multifamily transaction of the year.  According to the same source, the seller, a California-based pension fund, was represented by CBRE Nashville.

Located in historic Franklin, TN, at 100 Gillespie Drive, Ashton Brook is in the one of the most desirable areas of Metropolitan Nashville, due to its proximity to the dynamic and up-and-coming Cool Springs submarket and its many employment opportunities. According to Ram Partners, LLC, the community’s property management company, Ashton Brook boasts one-, two- and three-bedroom units ranging between 880 and 1,430 square feet. Rents range between $915 and $1,605. Units feature oversized bedrooms, nine-foot ceilings, large kitchens, private patios, and wood burning fireplaces. Community amenities include two lighted tennis courts, two resort-style swimming pools, a 24-hour fitness center, parking garage, car care center, controlled access entry, landscaped grounds, waterscapes, dog park and wooded surroundings. The community is also located within the Williamson County school district, Tennessee’s best performing school district, enjoying recognition on a national level.

Nashville is The Connor Group’s ninth market. Other markets include Atlanta, GA, Dayton, OH, Charlotte, NC and several other Southeastern and Midwestern markets. Prior to the acquisition of Ashton Brook, The Connor Group acquired The Retreat, 400-unit apartment community in Charlotte, NC.

Image courtesy of The Connor Group 

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