A California investor has acquired the Farms at Cool Springs apartments in Franklin for $97.5 million, the second highest price paid for a Nashville area apartment community.
Los Angeles-based private real estate investment firm IMT Capital bought the 474-unit complex at 201 Gillespie Drive from Blackstone Group, the world’s largest real estate private equity firm. The purchase price equates to $205,696 for each apartment unit at the apartment community, which has been renamed IMT Cool Springs.
The acquisition is the first in the Nashville area for IMT Capital, whose principals have made investments totaling more than $3 billion in value over the past quarter century.
Farms at Cool Springs is the second large Williamson County apartment complex that Blackstone has sold in just over the past year. In the Nashville area’s biggest apartment sale, Irvine, Calif.-based investor Steadfast Income REIT Inc. paid the private equity firm’s LivCor real estate branch and co-seller Canadian real estate firm Venterra Realty $110 million for the 724-unit Landings of Brentwood apartments in Franklin.
Commercial real estate HFF’s Atlanta office handled listing of Farms at Cool Springs.
Among other large Nashville area apartment sale deals in recent years, Irvine, Calif.-based Passco Cos. LLC paid $96.1 million for The Lexington, a 598-unit garden-style community at 510 Old Hickory Blvd. in Bellevue, nearly two years ago. Ohio-based The Connor Group paid $95.1 million for Elliston 23 in Nashville just over three years ago.
In the first half of this year, $605 million worth of apartment sale deals closed in the Nashville area, according to a tracking by New York-based research firm Real Capital Analytics. That’s down from $699 million worth of deals in that same period last year.
Reach Getahn Ward at email@example.com or 615-726-5968 and on Twitter @getahn.