CLARKSVILLE, TN—Capstone Apartment Partners facilitated the $10.25 million sale of Meadow Ridge Townhomes: a 67-unit for-rent townhome community located at 542 Lafayette Rd in Clarksville, Tennessee.
The Capstone transaction team was led by Nashville-based Tyler Mayo, Adam Klenk, Austin Heithcock, Luke Searcy, and Jordan Arand, who sold the asset on behalf of WBW Developers. The buyer is New Jersey-based Cider Moon Investment Group, who plans to make light upgrades to unit interiors and add new community amenities.
“The closing of Meadow Ridge Townhomes represents a new price per unit milestone for the Clarksville market. The 2019-built community was developed by a local group who took great care maintaining it over the last two years. This sale marks the third Clarksville property that we have sold to Cider Moon since March 2020,” said Capstone’s Tyler Mayo, the lead broker on the sale.
Newly built in 2019, Meadow Ridge is comprised of 67 two-bedroom townhomes featuring wood-style flooring, stainless-steel appliances, and washer/dryer connections. The units are 1,010 square feet, and the community was approximately 90% occupied at the time of closing.