Nashville, TN – Capstone brokers Adam Klenk, Austin Heithcock, and Jordan Arand have sold two multi-family properties in Tennessee for a combined total of over $32 million. The properties, The Oaks in Oak Ridge and The Arte in Clarksville, were sold on March 22, 2023, with The Oaks being acquired by Brightstone Capital and The Arte being acquired by Valor Residential.
The Oaks, which was sold for $9.9 million, was 96.3% occupied at the time of closing, while The Arte, which was sold for $23.01 million, was in lease-up. Valor Residential plans to capitalize on the growing Clarksville market with a fully-amenitized townhome product for The Arte, while Brightstone Capital plans to continue the renovation program and invest in interior finishes and exterior improvements for The Oaks.
“We are pleased to have brokered the sale of these two exceptional properties,” said Capstone partner, Adam Klenk. “We congratulate both the buyers and sellers on successful transactions and look forward to seeing the continued growth and success of these properties in the Nashville area.”
The two properties offer a mix of one-, two-, and three-bedroom units, as well as a range of amenities, including fitness centers, swimming pools, and community clubhouses. The communities are located in highly desirable areas with easy access to major highways, shopping centers, entertainment venues, and excellent schools.
For more information about these properties or to inquire about other multi-family investment opportunities in the Nashville area, please contact Capstone.