MINNEAPOLIS, MN - Timberland Partners is pleased to announce the recent acquisition of a three property, 548-unit Class-A constructed apartment portfolio located throughout Middle Tennessee. The portfolio consists of The Falls at 109, a 210-unit community located in Lebanon, TN; Fountains at Meadow Wood, a 184-unit community in Clarksville, TN; and The Lakes of Columbia, a 154-unit community in Columbia, TN. The portfolio was encumbered with three loans insured by The Department of Housing and Urban Development which were assumed following their approval of a transfer of physical assets. Today, Timberland Partners owns and manages more than 12,000 apartment units spanning 12 states.
Since entering the market in 2014, Timberland Partners now owns and manages a portfolio of five multi-family properties encompassing 960 units in the Nashville area. “We continue to be attracted to Nashville and its surrounding area as it has emerged as one of the strongest apartment markets in the country with its growing, diversified economy and surging population growth due to its business friendly environment, low cost of living and high quality of life. It has become one of the cool cities for millennials to live, work and play,” observed Sean Sweeney, Acquisitions Specialist for Timberland Partners.
Built in 2011, Falls at 109 is a well-designed apartment community featuring institutional 9’ ceilings and attractive floorplans. The gated community features a luxury amenity package including a zero-entry pool, rock waterfall, clubhouse, fitness center, sport courts, and an outdoor cabana with a fireplace.
Fountains at Meadow Wood, constructed in 2012, is a low-density community with 9’ ceilings with a best-in-class amenity package. One of the few luxury communities in Clarksville, residents enjoy a resort style saltwater pool, clubhouse, pool-side gas grills, playground, controlled access gate and a large fitness center. The property consists of ten buildings with two, three and four-story residences. Some units are equipped with tuck-under garages and granite countertops.
Lakes of Columbia was built in 2004 and is considered a top-of-the-market community within its submarket. The property features a resort-style clubhouse, lakeside views, and 9’ ceilings. The site is located within a 20-minute drive of both Spring Hill and Franklin, two cities experiencing a boon in recent job growth.
“Timberland Partners is very excited about the acquisition of three well-constructed, high quality assets in thriving locations throughout Middle Tennessee. We feel that the purchase prices represent a good basis for our investment partners and further represent discounts to both replacement value and sales of other existing Class A multi-family communities in the region. We plan to add further value by implementing cosmetic upgrades and improving the living experience of the residents,” noted Matt Fransen, Vice President of Investments for Timberland Partners. “Nashville continues to be a strong market performer with continued prospects for future growth. We look forward to continuing to build upon our portfolio in the Nashville Area.”
CBRE’s Nashville office multi-family experts Steve Massey and Russ Oldham represented the seller in the transaction. Timberland Partners anticipates offering additional investment opportunities as it continue to pursue a strategy of aggressive growth in the multi-family real estate market.
About Timberland Partners: Founded in 1992, Timberland Partners is an award winning real estate investment, management and development firm which now owns and manages 61 apartments communities totaling over 12,000 units in twelve states. For more information, please contact Matt Fransen, Vice President of Real Estate Investments, at mfransen@timberlandpartners.com or 952.843.2031 or visit timberlandpartners.com