MURFREESBORO, TN—Capstone Apartment Partners has arranged the $12.75 million sale of Haven Wood Apartments: a 153-unit apartment community in Murfreesboro, Tennessee. Ideally located off the Murfreesboro Rd corridor, Haven Wood is surrounded by an abundance of retail and dining establishments.
Capstone procured the buyer, Archway Equities, who is based in Beverly Hills, CA. Archway plans to implement a value-add program throughout the property, including the amenities. The local seller, Waldron & Sons, was the original developer of the property 35 years ago.
The Capstone Apartments Partners transaction team was led by Tyler Mayo, Austin Heithcock, Adam Klenk, and Jonathan Hawks.
“Following our recent successes in Nashville, we wanted to continue our footprint in Tennessee and Haven Wood Apartments offered us a unique opportunity to acquire a well-located asset in a very dynamic suburb of Nashville. The property had been owned and managed by the original developer since it was constructed in 1985. We recognized the immediate upside potential that can be capitalized on through sophisticated third-party management practices, enhancing the amenities, and a thorough upgrading of the unit interiors and exteriors. Tyler, Austin, and their team at Capstone helped us get comfortable with the Murfreesboro market and were instrumental in getting this successfully across the finish line.” said Sean Moghavem, President at Archway Equities.
Built in 1985, Haven Wood is comprised of 153 one- and two-bedroom apartment homes with an average size of 782 square feet. The community’s amenity package features a swimming pool, clubhouse, and expansive green space.