A Boston real estate firm purchased a Franklin office building for $68.5 million


A Boston real estate firm purchased a Franklin office building for $68.5 million

The clubhouse for the Novel Lockwood Glen apartments was finished in February 2018. / File photo

By MATT BLOIS

A Boston real estate firm purchased a Franklin office building on Archdale Drive for $68.5 last month.

Crescent Communities sold the Novel Lockwood Glen apartments to an LLC connected to the Boston real estate firm AEW Capital Management on Aug. 29.

The building has 239 units, which means the company paid $287,000 per unit. On Thursday, the Nashville Business Journal reported that the price per unit was a record for the Nashville area.

The Franklin apartment complex is part of a larger Crescent Communities development that includes single family homes. Crescent Communities worked with Pearl Street Partners to build the development.

Construction on the full 221-acre development started in 2013 and is located along the east side of the I-65 corridor approximately one mile south of Murfreesboro Road.

According to the building’s website there are four units currently available. A 700 square foot apartment with one bedroom and one bathroom starts at $1,345 per month.

Last month, the California real estate firm IMT Capital bought an apartment building near the intersection of Mallory Lane and Nichol Mill Lane in Franklin for $88 million. That came out to an average of $244,000 per unit in the 361-unit complex.

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