Nashville-Area BTR Community Sells for $500K/Unit

Thompson Thrift Residential has sold Oakbrook Townhomes, an 89-unit build-to-rent community in Nashville’s suburb of Franklin, Tenn. Public records suggest the buyer, Arqitel, paid $44 million for the asset, nearly $500,000 a unit. Commercial Edge reports the sale involved a $19.8 million loan from State Farm Life Insurance Co. Walker & Dunlop brokered the transaction.

When the property was sold, the community was 91% occupied. Located at 1000 Legion Drive, the 6-acre property is near Interstate 65, roughly 17 miles south of downtown Nashville.

Completed last March, Oakbrook Townhomes comprises 18 buildings with two-, three- and four-bedroom floorplans ranging from 1,473 to 2,165 square feet. Residences feature private patios or balconies and attached two-car garages. Amenities include a heated swimming pool, spa, 24-hour fitness center, dog park and grilling stations.

For this year, Thompson Thrift is eyeing eight new residential developments. The firm also plans to expand in new markets in Georgia, Utah and Idaho.