CLARKSVILLE, TN—Capstone Apartment Partners announces the sale of The Flats Off Madison in Clarksville, Tennessee. The 84-unit Class A community was acquired by California-based 701 Holdings, LLC.
Capstone’s Tyler Mayo, Adam Klenk, Jonathan Hawks, and Jordan Arand sold The Flats Off Madison on behalf of Miami-based All 50 Investments, LLC, who purchased the asset in 2018. During their ownership, they invested $6.7 million into renovations of unit interiors and the addition of a luxury community amenity package.
“Our team is fortunate to have had tremendous success throughout the Clarksville market over the years and this is one of the most unique assets we’ve had the pleasure of selling. The city’s incredible rent growth and newsworthy job announcements have continued to bring out-of-state buyers into Clarksville,” said Capstone’s Mayo.
Originally built in 1965, The Flats Off Madison is comprised of one- and two-bedroom units with top of the line luxury finishes. The community’s brand new amenity package includes a resort-style swimming pool, clubhouse, dog park, resident lounge, business center, fitness center, picnic/grilling area, game room, theatre area, and coffee station. The property was approximately 95% occupied at the time of closing.