CLARKSVILLE, TN—Capstone Apartment Partners has closed the sale of a hotel conversion project in downtown Clarksville, Tennessee. The 72,658-square foot asset is currently a 135-room hotel, and construction will soon commence to transform the property into luxury apartment units. Once renovations are completed, the community’s amenity package will feature a pool, workout center, and tenant lounge. Each apartment unit will boast high-end finishes throughout.
Capstone’s Tyler Mayo, Adam Klenk, and Luke Searcy sold the property on behalf of Lotus Hospitality.
This unique multi-family project helps fill a void in the Clarksville market for smaller and more affordable rental units in a prime location. Future residents will enjoy modern, newly renovated units with proximity to Austin Peay State University as well as an abundance of retail and restaurant options in downtown Clarksville.
“We see a very low supply of studio and one-bedroom units available in Clarksville, with most rental properties catering to families that want 2-3 bedroom townhomes. We believe we will be offering a phenomenal product to meet the demand for smaller, lower occupancy rental units where someone does not need to find a roommate in order to be able to afford it,” said the buyer.
Downtown Clarksville is experiencing a wave of development activity. The Montgomery County Multi-Purpose Event Center project is currently underway just a short walk from the hotel conversion project. Upon completion, the $105 million event center facility will feature an array of meeting space, conference halls, and arena seating for both private and community events.
“Clarksville is like a second home to us as we have been owners of rental real estate in the market for quite some time now. We use only local property management companies and contractors, and we love everything the city has to offer its residents. We are thrilled to be a part of Clarksville’s downtown revival and can’t wait to start showing people our one-of-a-kind apartment offerings that we will soon have available,” the buyer added.