IMT Capital Snags TN Community
The company purchased the 386-unit ALARA Cool Springs, located in the Nashville submarket of Franklin, from American Realty Advisors. Cushman & Wakefield represented the seller in the transaction.
By IvyLee Rosario
American Realty Advisors sold ALARA Cool Springs, a 386-unit apartment community in the Nashville submarket of Franklin, Tenn., to IMT Capital. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller. According to Yardi Matrix, American Realty Advisors purchased the property in late 2000 from TDI Real Estate for $29 million. The property will be rebranded as IMT Cool Springs.
Located at 101 Gillespie Drive, the community offers one-, two- and three-bedroom floorplans ranging from 724 to 1,464 square feet across 17 three-story buildings. Originally built in 1996, ALARA Cool Springs currently has an 89 percent occupancy, according to Yardi Matrix. Interior features include washer/dryer hookups, vaulted or trey ceilings, fireplaces, stainless steel appliances, private balcony/patios, breakfast bars, built-in wine racks, walk-in closets, ceiling fans, soaking tubs, wood-style flooring, dual-sink vanities, built-in bookshelves, crown molding and white, oak or espresso cabinetry.
Vast Amenity Offerings
Residents have access to a wide variety of amenities, which include:
- two state-of-the-art fitness centers
- racquetball court
- four indoor tennis courts
- two resort-style swimming pools
- sun terraces and poolside cabanas
- outdoor entertainment spaces
- two cyber lounges
- conference room
- coffee bar
- game room
- billiards room
- two pet parks
- two car care centers
- nature trails
- laundry facilities
- 450 parking spaces
- detached garages
- outside storage
“ALARA Cool Springs is a top-tier asset with an outstanding amenity package in an irreplaceable setting,” said Stickel. “It benefits from direct access to premier local retail and job centers in Nashville’s desirable suburban corporate submarket. The institutionally owned and well-maintained property garnered significant investor interest throughout the marketing process, showcasing Nashville’s unique ability to attract high-quality real estate investors.”
Recently, IMT sold its Heritage at Deer Valley apartment community in Phoenix to Priderock Capital for $125.5 million, making it the largest overall price for one property in the city’s apartment history.
Image courtesy of Cushman & Wakefield