An affiliate of Boston-based Berkshire Property Advisors has acquired Wyndchase Aspen Grove, paying $83 million, the highest price ever for one apartment community in the Metro Nashville, reports The Tennessean. Berkshire bought the 560-unit Franklin, TN apartment community from Dallas-based Crow Holdings and has taken over the management from Bell Partners. According to PropertyShark.com, the seller, operating as Ch Realty V/Wyndchase Lp paid $71.5 million for the community in September 2011. The real estate website’s market value assessment of the property for 2013 was a little over $60.5 million.
Located at 3100 Aspen Grove Drive in Nashville’s Franklin submarket, the 1997-built community sprawls on 60 acres of land overlooking a 36-hole championship golf course. Wyndchase Aspen Grove comprises one-, two- and three-bedroom units ranging between 708 square feet and 1,423 square feet. Apartment features include an all-electric kitchen, breakfast bar, dishwasher, refrigerator, large walk-in closets, garden style tubs, patios or balconies, extra storage, nine-foot ceilings and oversized windows for copious amounts of sunlight. Selected units even boats built-in bookshelves, attached garage and wood burning fireplaces.
The gated community boasts amenities such as a 36-hole championship golf course, two swimming pools, fitness studio with personal trainer, outdoor fireplace, pet park, children’s play area, cyber café, resident video library, business center, car care center, laundry facility, on-site recycling, on-site maintenance and easy access to shopping and Franklin’s historic areas.
Berkshire Property Advisors focuses on value-add opportunistic investments in the multifamily industry. The company owns or manages over 100 apartment communities with over 32,000 units located in 30 markets across the US. Wyndchase Aspen Grove is Berkshire’s only apartment community in Tennessee.
Image via wyndchaseaspengroveapts.com