NASHVILLE, TN—Capstone Apartment Partners has closed the $47.4 million sale of Reserve at Oakleigh: a 264-unit apartment community located in the growing Nashville suburb of Antioch.
Capstone represented the seller, Herman & Kittle Properties, and procured the buyer, Cedar Grove Capital. The buyer was attracted to the property due to its desirable unit mix, oversized floorplans, and walkable retail amenities.
The Capstone transaction team was led by Bryse Toothaker, Adam Klenk, and Tyler Mayo.
“Reserve at Oakleigh received an abundance of national and international investor attention due to the overall quality of construction and the many highly sought-after attributes which Herman & Kittle integrated into the property. The tremendous job growth and overall positive development in the Southeast Nashville submarket added to the heightened investor interest,” said Toothaker.
“Investors were also attracted to the Antioch market given its proximity to downtown Nashville, rent growth, and recent employment announcements. Amazon, Community Health Systems, and Bridgestone—among others—all have expansive footholds in the immediate vicinity of Reserve at Oakleigh. Additionally, the highly anticipated $2 billion Century Farms mixed-use development is located less than four miles from the property,” added Mayo.
Newly built in 2017, Reserve at Oakleigh is comprised of a balanced mix of one-, two-, and three-bedroom apartment homes. The garden-style community boasts a robust amenity package including a swimming pool, fitness center, picnic/grilling area, business center, nature trail, pet park, and car care center. Each apartment home features walk-in closets, washer/dryer, and a fully equipped kitchen with dark wood cabinetry, black appliances, and a double basin stainless-steel sink. Select units also feature a den or attached garage.