Waterton Buys Nashville-Area Community
Berkshire Residential Investments previously owned the property.
Waterton has acquired Aspen Grove, a 560-unit community in Franklin, Tenn. The 33-building asset traded for $128 million, according to Nashville Business Journal.
Berkshire Residential Investments previously owned the property, according to Yardi Matrix information. The company had paid $83 million for it in 2014.
Later, in 2019, Aspen Grove became subject of a $138.1 million transaction involving two Berkshire-related entities.
Through this investment, Waterton expanded its owned and managed multifamily footprint in the state to more than 1,550 units.
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Aspen Grove occupies a 60-acre lot at 3100 Aspen Grove Drive, in the Cool Springs neighborhood. The location is close to Interstate 65 and State Route 431, in an area with multiple golf courses, retail and dining options. Both downtown Nashville, Tenn., and its international airport are 20 miles from the property.
Completed in 1997, the garden-style community includes one-, two- and three-story residential buildings with one- to three-bedroom layouts averaging 1,104 square feet, as well as townhome-style residences. Interiors feature 9-foot ceilings, in-unit washers and dryers, kitchens with island and breakfast bars, walk-in closets and patios or balconies. In addition, select units have one- and two-car garages and fireplaces.
Amenities at the pet-friendly property include two swimming pools with sundecks, a clubhouse, a fitness center, a dog park, outdoor gathering spaces with grilling stations, a fireplace and 1,000 parking spots. Waterton will implement a value-add program to upgrade the clubhouse, fitness center and outdoor amenities, as well as renovate the buildings’ exteriors and mechanical systems.
Nashville’s multifamily investment stay strong
Nashville’s multifamily sector fundamentals remained healthy during the second quarter of 2026, according to a report by Lee & Associates. Occupancy peaked at 90.4 percent, the highest level over the past 12 months, while rented demand continued to outpace deliveries. The price per unit amounted to some $223,000, almost on par with last year’s value.
In a recent deal, Covenant Capital Group acquired a 206-unit multifamily property in Nashville, from UDR. Covenant has been one of the most active buyers in the metro during the 12 months ending in June, investments totaling $77 million, the report shows.
Camden Property Trust also recently expanded its footprint in the market with the $43.5 million acquisition of a 196-unit community in Franklin, Tenn. Eaton Vance Real Estate sold the property in June, after 11 years of ownership.
