FRANKLIN, TN - CNL Growth Properties, a real estate investment trust (REIT) focused on providing capital appreciation for investors, has entered into a joint venture to develop a Class A, garden-style apartment community in Franklin, Tenn., approximately 15 miles south of Nashville.
The joint venture, with Crescent Communities LLC, will invest $40.3 million to develop Crescent Cool Springs. This is the third time CNL Growth Properties has partnered on a multifamily development with Charlotte, N.C.-based Crescent.
“We have enjoyed working with Crescent on our previous projects in North Carolina and Florida and look forward to expanding our relationship with them through this new partnership,” said Andy Hyltin, president and CEO of CNL Growth Properties.
Crescent Cool Springs will include 252 units in three-story residential buildings with one-, two-, and three-bedroom floor plans, and an average unit size of 974 square feet. The community will feature a two-story clubhouse, business center, fitness center and swimming pool.
“CNL is a strong partner who shares our vision for extraordinary investment opportunities,” said Brian Natwick, president of Crescent Communities’ multifamily group, which announced plans for Crescent Cool Springs in March. “With its rich amenities and ideal location, Crescent Cool Springs will be a community that is welcoming, accessible and sustainable.”
Crescent Cool Springs sits in the heart of an employment center that features more than 5.4 million square feet of office space, including the Nissan Americas and Healthways headquarters. The area also features 4.9 million square feet of retail space, including a regional destination mall.
“This development will meet the growing demand for luxury apartments in a thriving market,” said Hyltin. “We continue to see opportunity in the multifamily sector as communities like these continue to attract new residents.”
To date, CNL Growth Properties, formerly Global Growth Trust, and its subsidiaries have committed to invest more than $275 million in multifamily development projects.
CNL Growth Properties is advised by CNL Global Growth Advisors, LLC, which is an affiliate of the REIT’s sponsor, CNL Financial Group. CNL Growth Properties, Inc. is a non-traded real estate investment trust (REIT) strategically designed for growth. The REIT seeks commercial real estate investment opportunities in growth-oriented markets with a focus on multifamily development.