Tennessee Community Commands $44M
The buyer assumed a $31 million loan issued by Western & Southern Financial Group.
Gwaltney Communities, a subsidiary of GC Cos., has sold Solis, a 216-unit asset in Clarksville, Tenn., to a private California-based partnership. According to Yardi Matrix data, the buyer paid $44.2 million for the community. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
The buyer assumed a $31 million loan issued by Western & Southern Financial Group with a maturity date set for March 2032, the same source shows.
Spread across nearly 18 acres, the nine-building, 2020-built community encompasses one- to three-bedroom floorplans ranging between 863 and 1,338 square feet. Units feature 9-foot ceilings, kitchen islands, walk-in closets and granite countertops.
READ ALSO: Top Markets for Multifamily Investment in 2023
Community amenities include a saltwater swimming pool, business center, playground, gym, theater room, coffee bar, and dog park, among others.
Located at 1985 Needmore Road, Solis is roughly 5 miles south of the Tennessee-Kentucky border. The community 9 miles north of downtown Clarksville, while downtown Nashville is some 50 miles southeast. A 95,000-square-foot shopping center operates roughly 7 miles away.
In the decade ending in 2020, Clarksville’s population spiked by 20.2 percent, according to the U.S. Census Bureau. The expansion continued, showing a 5.7 percent growth from 2020 to 2022. Employers such as LG Electronics, Tennova Healthcare and Hankook Tire operate within 10 miles of the community.
IPA Director David Stollenwerk, alongside Executive Managing Director Will Balthrope and Senior Vice President Drew Garza, represented the seller and procured the buyer.
Gwaltney Communities’ multifamily sales in Clarksville
Year-to-date through July, Solis is the only asset of 50 or more units that traded in metro Clarksville, according to Yardi Matrix data. With an average price per unit a little north of $200,000, the figure eclipsed last year’s average price per unit, which clocked in at about $160,000 during the same interval.
Transaction activity included Gwaltney Communities selling Addison at Rossview, a 205-unit community in Clarksville. Timberland Partners paid $40 million for the asset last year in May, while securing a $27.4 million Fannie Mae acquisition loan originated by Northmarq.
