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Waterton buys Franklin apartment development for $128.1 million
The seller, Berkshire Residential Investments, previously paid $138.1 million in 2019 for the property, according to the deal coverage.
Waterton acquired Franklin, Tennessee apartment development Wyndchase Aspen Grove for $128.11 million, adding the 60-acre community to its residential portfolio, ConnectCRE reports.
Despite the discounted sale price, the Nashville Business Journal says Berkshire Residential Investments sold at a loss, having paid $138.1 million for the asset in 2019, ConnectCRE adds.
The property, built in 1997 at 3100 Aspen Grove Dr., includes 560 rental units with one-, two- and three-bedroom layouts, plus townhome-style options across multiple buildings.
Waterton said the community is a differentiated product with value-add potential and an opportunity to provide an updated, relatively attainable rental option, with Casey Mog quoted by ConnectCRE.