Thompson Thrift Sells Nashville-Area SFR for $44M

Thompson Thrift Residential has sold Oakbrook Townhomes, an 89-unit build-to-rent community in Nashville’s suburb of Franklin, Tenn. The buyer, Arqitel, paid $44 million for the asset, according to public records. The sale involved a $19.8 million loan from State Farm Life Insurance Co., the same source shows. Walker & Dunlop brokered the transaction.

In 2020, the asset became subject to a $25.2 million loan from Trustmark National Bank, according to Yardi Matrix data. The community was 91 percent occupied at the time of sale.

Completed last March, Oakbrook Townhomes comprises 18 buildings with two-, three- and four-bedroom floorplans ranging from 1,473 to 2,165 square feet. Residences feature in-unit washers and dryers and walk-in closets, along with private patios or balconies and attached two-car garages. Amenities include a heated swimming pool, spa, 24-hour fitness center, dog park and grilling stations.

Located at 1000 Legion Drive, the 6-acre property is near Interstate 65, roughly 17 miles south of downtown Nashville. It is also about 1 mile from various large shopping centers such as CoolSprings Galleria and Cool Springs Market.

Thompson Thrift has been recently active throughout southern markets, especially in Florida. Earlier this month the developer unveiled its 16th project in the Sunshine State, a 276-unit luxury community dubbed Verity. The firm is developing another 279 units in the Tampa area.

For this year, Thompson Thrift is eyeing eight new residential developments. The firm also plans to expand in new markets in Georgia, Utah and Idaho.