JACKSON, TN—Capstone Apartment Partners announces the $9,725,000 sale of The Coves: a 142-unit apartment asset situated on 8.99 acres in Jackson, Tennessee. The property is unmatched in its direct accessibility to Interstate 40 as well as its immediate proximity to the area’s largest employers and demand drivers.
Capstone’s Jonathan Hawks, Adam Klenk, Luke Searcy, Austin Heithcock, and Jordan Arand sold The Coves on behalf of Sunnyview Capital LLC, who completed renovations on 89% of the units before listing. The buyer is New Jersey-based Brightstone Capital Group, who plans to renovate the remaining 16 classic units’ interiors and implement sophisticated third party management at the community.
Originally built between 1980-1995, The Coves is comprised of one-, two-, and three-bedroom apartment homes with 126/142 units having already been renovated. Renovated units feature painted cabinetry, white appliances, granite-style countertops, fresh paint, and a modern lighting package. The Coves was approximately 85% occupied at the time of closing.