Apartment Sale in Tennessee

 

Clarksville, TN — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, handled the closing of East Johnson Apartments, located at 229 E Johnson Circle, Clarksville, TN. Matthews™ Senior Associate Austin Fragoletti and Vice President and Associate Director Austin Graham represented the seller in the transaction.

 

East Johnson Apartments were completed in 2023, featuring 86 units across 92,472 square feet. The apartments are centrally located in Clarksville’s most popular retail and dining destinations and offer 52 climate-controlled storage units and 16 climate-controlled garage spaces. The seller is the original developer of the property, who aims to reinvest their equity in future development projects. Through a robust marketing campaign, agents secured over a dozen offers.

 

“Despite Middle Tennessee/Clarksville’s short-term over-supply, we were able to create a compelling narrative to the marketplace as to why this asset was a great fit to their portfolio,” Fragoletti said. “The asset was purchased below replacement cost, with a clear path to achieving above a 6% yield in year one.”

 

The property was purchased by a Chicago-based group that currently owns 800-1,000 units in the Clarksville market.

 

“The buyer saw an opportunity to acquire more economies of scale in the market through the acquisition of East Johnson,” Graham said. “The asset will be a great addition to their portfolio.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

 

PRESS CONTACT

Kaylee Stock
(701) 429-7462
[email protected]