WhiteRock Acquires Nashville Property for $36M
Capstone advised both buyer and seller on the deal.
WhiteRock Real Estate has acquired The Falls at Mill Creek, a 204-unit apartment community in Nashville, for $35.5 million.
The project, which WhiteRock acquired from Alexander Properties, is located in the southeastern part of the city. Capstone represented both WhiteRock and Alexander on the deal.
Situated on 15 acres, The Falls at Mill Creek features a mix of one-, two- and three-bedroom apartments averaging 1,007 square feet in size. The community was 95 percent occupied at the time of the transaction. Apartments feature linen closets, granite countertops, patios or balconies and, in some units, washer-dryer connections.
Built in 1973, the two-story property was substantially renovated seven years ago. WhiteRock plans to make further improvements to the community and will contract an experienced third-party management service to supervise the operations.
A wide range of rental options exist in South Nashville, which has been one of Music City’s hottest submarkets in recent years due to the neighborhood’s affordable rents and accessibility. With easy access to Interstate 40, the property is accessible from Nashville’s downtown and Briley Parkway.
Three universities, among them Belmont University and Lipscomb University, are within an 11-minute drive, while the Riverfront and Donelson commuter rail stations are both within nine minutes of the property. Two shopping centers and a number of museums and nature centers are also located nearby.
Several months ago, Captone facilitated the sale of a pair of Houston, Texas-area manufactured home communities.