PENLER Sells Nashville-Area Luxury Asset

Weinstein Properties acquired the Class A property prior to its completion.

Bexley Parkstone. Image courtesy of PENLER

PENLER has sold The Parkstone, a 240-unit luxury community in the Nashville, Tenn., suburb of Gallatin. Weinstein Properties acquired the Class A property prior to its completion, according to Yardi Matrix information, and renamed it to Bexley Parkstone.

PENLER developed the community on a 16.5-acre site that was acquired in 2020. The project was subject to a $26.2 million construction loan originated by Renasant Bank.

Bexley Parkstone is a two-story community that spans across 10 buildings and encompasses a mix of one-, two- and three-bedroom apartments, with floorplans ranging from 716 to 1,392 square feet. Each apartment has direct private entry. Common-area amenities include a swimming pool, fitness center, clubhouse and playground.

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Located at 270 Douglas Bend Road, the property is some 24 miles from downtown Nashville, just south of Nashville Pike. The community is near entertainment and recreational venues such as NCG Cinema-Gallatin and several golf courses.

PENLER’s development activity currently includes Florida and North Carolina projects. One of them is The Grove at Clermont, a 288-unit luxury community near Orlando that will comprise one-, two- and three-bedroom apartments with direct access to all units.

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