Timberland Partners Buys $40M Tennessee Luxury Community
The property changed hands for the first time since its completion in 2016.
Addison at Rossview. Image courtesy of Northmarq
Timberland Partners has acquired Addison at Rossview, a 205-unit multifamily community in Clarksville, Tenn. Gwaltney Communities sold the luxury property for $40 million, according to Yardi Matrix data.
Northmarq represented the seller, procured the buyer and secured the 10-year, fixed-rate acquisition financing via its Fannie Mae platform. The $27.4 million CMBS loan bears a 5.73 percent interest rate, the same source shows.
Completed in 2016, the community encompasses buildings with one-, two- and three-bedroom floorplans ranging between 812 and 1,314 square feet. Common-area amenities include two swimming pools, a fitness center, a clubhouse, a business center, a playground, a dog park and outside storage, as well as a 4-acre park with walking trails. Apartment interiors feature washers and dryers, stainless-steel appliances, walk-in closets, private balconies or patios and alarm systems.
Addison at Rossview spans across 16 acres at 200 Holland Drive, in the East Clarksville submarket. The property is near Interstate 24, which provides direct access to downtown Nashville.
Northmarq Executive Vice President David Stollenwerk and Managing Director Bryan Schellinger, together with Associates Ben Crawford and Brenden Bercaw, worked on behalf of the seller. Executive Vice President & Regional Managing Director Daniel Trebil and Managing Director Jesse Lemos secured the financing for the buyer.
