Blackstone Buys Farms at Cool Springs for $82M

By Eliza Theiss, Associate Editor

Farms at Cool Springs

As yet another testimony to Nashville’s booming apartment market, the world’s largest real estate private equity firm, The Blackstone Group, just dropped $81.9 million on a 474-unit apartment community, reports the Nashville Business Journal. Blackstone picked up the community through its multifamily real estate branch LivCor from New York-based Praedium Group and Nashville-headquartered Carter-Haston Real Estate Services Inc. According to the Nashville Business Journal, the $173,000 per unit sale of Farms at Cool Springs was part of a portfolio sale in which Carter-Haston and Praedium shed all 1,248 jointly-owned apartment units in Memphis, TN and Charleston, S.C. Carter-Haston was retained as property manager. The previous owners picked up the property in May 2011 for $59.25 million.

Located in Nashville’s booming Cool Springs submarket, the 474-unit Farms at Cool Springs comprises one-, two- and three-bedroom units ranging between 833 and 1,502 square feet. Rents range between $958 and $1,938. Amenities include native hiking trails, a resort-style swimming pool, fitness center, lighted tennis courts, business center complete with a conference room, club lounge complete with a large screen TV, bar, Wi-Fi and Starbucks coffee. The community also includes a car care center and parking facilities ranging from direct access and detached garages to surface lot parking.

LivCor also owns The Landings of Brentwood – a 724-unit property in the greater Nashville area. The Landings of Brentwood is managed by Venterra Realty and features amenities such as two swimming pools, Jacuzzi, sand volleyball court, two tennis courts, fitness center, outdoor California kitchen and grill area, lake complete with waterfall and lakeside picnic area, playground, business center, and car care center.

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Image credits: Farms at Cool Springs