An affiliate of a Boston-based multifamily investor and manager has purchased Wyndchase Aspen Grove apartments in Cool Springs for $83 million.
The price Berkshire Property Advisors paid is the highest ever in total dollars for an individual apartment community in the Nashville region, according to a tracking by multifamily investment broker Steve Massey of CBRE in Nashville.
On a per unit basis, other apartment communities have sold here for more than the $148,200 Berkshire paid for each of the 560 apartment units.
Berkshire purchased Wyndchase Aspen Grove at 3100 Aspen Grove Drive in Franklin from Dallas-based Crow Holdings, which itself had bought the apartments for about $72 million 2½ years ago.
"This acquisition represents our renewed focus on the Nashville market, which is a target market for our current investment funds," said Christopher Ranjitkar, a spokesman for Berkshire, which previously has owned and operated apartments in Tennessee.
Wyndchase Aspen Grove is in a Brentwood/Franklin submarket that ended 2013 with an average monthly apartment rent of $1,178 and a 95.1 percent occupancy rate, according to the Greater Nashville Apartment Association.
Only the downtown Nashville/West End submarket had a higher average monthly apartment rent, at $1,363. The higher the rents in a market, the more potential income for an investor.
Wyndchase Aspen Grove, built in 1997, sits on more than 60 acres. Berkshire has taken over managing the apartments from Bell Partners.
Berkshire’s record total price for an individual apartment community in the Nashville area is likely to be broken this year by the sale of the Elliston 23 mixed-used, midrise building in Midtown.
When owner Southern Land Co. put Elliston 23, with 331 apartment units and 15,000 square feet of fully leased retail space, on the market this year, observers said it could fetch a price north of $275,000 a unit, or more than $90 million.
Reach Getahn Ward at 615-726-5968 and on Twitter @Getahn.
By the numbers
Total price for the Wyndchase Aspen Grove apartments
Per-unit price for complex