FRANKLIN, TN - Amstar announced the sale of Dwell at McEwen, a 370-unit apartment property located in Franklin, Tennessee that Amstar and Southern Land Company developed in two phases. The buyer and sale price were not disclosed. Jason Nettles of HFF represented the seller in this transaction.
Amstar, in partnership with Southern Land Company, completed construction on the first phase of the property in 2008 and the second phase in 2014.
The property features best-in-class finishes and amenities. The apartment units include brushed nickel fixtures and hardware, designer granite countertops, and stainless steel appliances. Resident amenities consist of two state-of-the- art fitness centers, a resort-style pool, and a fire pit. The property is situated within the 90-acre McEwen master planned community, which features a Whole Foods Market anchored shopping center, and a 175,000 square foot office building. The community is one-half mile west of Interstate 65, which provides easy access to all points in metro Nashville.
“We have mixed emotions about the sale of Dwell at McEwen,” said Amstar Managing Director Kim Sperry. “While we are very proud of what we accomplished on this investment, this sale represents Amstar’s fourth property sale in the previous two years and doesn’t leave us with many holdings in the Nashville market. We continue to believe in Nashville from an investment perspective and we look forward to re-entering the market when we find the next opportunity that fits our investment strategy.”
Source: Amstar / #Apartments #Multifamily