Capstone Apartment Partners Arranges North Tennessee Sale

The 32-unit property changed hands with help from the company's Adam Klenk, Jonathan Hawks and Tyler Mayo, who represented seller Cove Residential in the deal.
Thistlewood Townhomes.
Thistlewood Townhomes. Image courtesy of Capstone Apartment Partners

Capstone has brokered the sale of Thistlewood Townhomes, a 32-unit property in Clarksville, Tenn. Cove Residential sold the property to an out-of-state buyer, for $4 million. Capstone’s Adam Klenk, Jonathan Hawks and Tyler Mayo arranged the deal on behalf of the seller. At the time of the sale, the asset was 93 percent occupied.

The community is situated at 1714 Thistlewood Drive, alongside Freeway 374, around 54 miles from downtown Nashville. The townhomes are also adjacent to two self storage facilities and are right across from a Dollar General. Other nearby retail facilities include a Walmart, Tradewinds North Shopping Center and Aldi.

Constructed between 2012 and 2015, the six two-story buildings encompass identical 1,150-square-foot, three-bedroom units, featuring washers and dryers, balconies, fully equipped kitchens, black appliances and hardwood-style vinyl flooring. Each townhome also has an attached garage.

Last month, another Capstone team closed the sale of The Lodge at Lakeshore, a 132-unit, garden-style community in Greensboro, N.C. The transaction’s price tag was $13.3 million or $100,379 per unit.

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