NASHVILLE, TN—Capstone Apartment Partners has arranged the $15 million sale of The Lofts at Rose Monte: a 229-unit apartment community consisting of 52 existing apartments with the option to develop an additional 177 units in the Brentwood submarket of Nashville, Tennessee.
Capstone’s Austin Heithcock, Adam Klenk, Tyler Mayo, and Jonathan Hawks procured the buyer, Washington D.C.-based RSE Capital Partners.
“Fundrise and RSE Capital plan to deploy $500 million of equity into build-to-rent housing over the next 12 months. The acquisition of Lofts at Rose Monte in Nashville speaks to the flexibility in our approach. The property encompasses both stabilized townhome-style rental units and 13 acres of contiguous developable land. Our plan for the developable land is to build additional townhome rental units and amenities such as a clubhouse and a pool, which will benefit the entire project,” a representative from RSE said. “Austin and his team at Capstone helped us identify the opportunity and were helpful throughout the entire closing process. We look forward to working with Capstone again in the future.”
The Lofts at Rose Monte was built in 2017 and was approximately 96% occupied at the time of closing. The property’s unit mix is comprised of a combination of two- and three-bedroom townhome-style and flat-style floorplans with modern finishes.