Image courtesy of CBRE Group.
UPDATE 08/29: Updated to include information about previous Williamson County real estate purchases by IMT Capital.
By MATT BLOIS
A California real estate investment firm has purchased a 361-unit apartment complex in Franklin for $88 million.
The Emblem apartment complex is located near Burger King at the intersection of Mallory Lane and Nichol Mill Lane in Franklin.
The Ohio-based developer North American Properties sold the property to IMT Capital, headquartered in Los Angeles.
The sale price comes out to an average of $244,000 per unit. A Texas real estate trust recently agreed to buy a Davidson County apartment complex near Brentwood for about $62 million, or about $180,000 per unit.
The Nashville Business Journal reports that IMT has purchased several other properties in Williamson County. According to property records, the company completed three transactions for six different properties in 2017 and 2018 worth a total of about $235 million.
A team from the Nashville office of the real estate services company CBRE Group represented both the buyer and the developer in the transaction.
The project received approval from the Franklin Board of Mayor and Alderman in January 2015. North American Properties started leasing one and two bedroom luxury apartments in 2017.
Floor plans range from about 600 square feet to just over 1,200 square feet. The complex has a pool, grilling station and a fire pit.
The property was sold to NAP by Athena Cool Springs Hospitality Partnership and Candace and Alan Revelette for about $8.3 million in February 2015.