Capstone Closes $8.85 Million Sale of Garden-Style Asset in Clarksville, TN

CLARKSVILLE, TN—Capstone Apartment Partners has brokered the $8,850,000 sale of Cobalt Drive Apartments: a 104-unit garden-style apartment community in Clarksville, Tennessee. The property is ideally situated off the growing Wilma Rudolph Blvd corridor and boasts proximity to jobs, recreation, entertainment, shopping, and dining.

Capstone’s Tyler Mayo, Adam Klenk, and Jonathan Hawks sold the property on behalf of four separate owners. The buyer plans to renovate the unit interiors and create a more cohesive feel throughout the community.

“When I purchased my buildings on Cobalt Drive, I had planned to own the assets long-term. After connecting with Tyler and the Capstone team, they provided me with a valuation which showed the property values had increased significantly and I ultimately decided it would be a good time to sell them through a marketing process. Capstone exceeded my expectations and sold the properties at the high end of their valuation,” said Todd Holmes, one of the sellers.

Built in 2007, Cobalt Drive Apartments is comprised of 104 two-bedroom apartment units in thirteen 8-plex buildings. The property was 96% occupied at the time of closing.

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