Waterton Acquires Franklin Apartments at Discount
Waterton paid $128.11 million for Franklin’s Wyndchase Aspen Grove development, a high price to pay for a rental community. Despite the sale price, the Nashville Business Journal reports that the seller, Berkshire Residential Investments, lost money on the deal. Berkshire paid $138.1 million for the apartment community in 2019.
Built in 1997, Wyndchase Aspen Grove sits on 60 acres at 3100 Aspen Grove Dr. in Franklin, south of Nashville.
The rental community offers 560 units with one-, two- or three-bedrooms, including townhome-style options, across multiple buildings. Amenities at Wyndchase include a clubhouse with a game room, fitness center, two pools and outdoor dining and grilling stations.
“Wyndchase Aspen Grove represents a highly differentiated product with strong value add upside and an opportunity to provide an updated and relatively attainable rental option,” said Waterton’s Casey Mog.
Founded in 1995, Waterton Residential LLC has $10 billion in real estate assets across 25 markets,.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout