NASHVILLE, TN—Capstone has arranged the $35.5 million sale of The Falls at Mill Creek: a 204-unit apartment community in Nashville, Tennessee. Situated in southeast Nashville, one of the hottest submarkets in the city, The Falls at Mill Creek is exceptionally well-maintained and offers its new owners the opportunity to build upon the property’s success.
Capstone represented both the seller, Alexander Properties, and the buyer, WhiteRock Real Estate, who plans to improve community amenities, including the fitness center, clubhouse, and exterior leisure areas. The new owners also plan to engage a sophisticated third-party management service to oversee operations at The Falls at Mill Creek. “Capstone was an experienced and trustworthy advisor during an ever-changing acquisition & capital markets environment,” said CJ Hura, Partner at WhiteRock Real Estate.
“We’re thrilled to have closed Falls at Mill Creek during such a challenging economic climate. Both parties were a pleasure to work with and we appreciate the flexibility from both sides.” said Adam Klenk, Partner at Capstone.
Built in 1973 and extensively renovated in 2016, The Falls at Mill Creek was 95% occupied at the time of sales and is located on 15 acres. The property is comprised of 204 one-, two-, and three-bedroom apartment homes with an average size of 1,007 square feet. The community’s amenity package features a swimming pool, fitness center, business center, gated access, playground, dog park, and laundry facilities.