NASHVILLE, TN – Argyle Real Estate Partners LLC (Argyle), a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, announced the acquisition of Easton Place, a core-plus community located in the popular Murfreesboro submarket of Nashville, TN. The acquisition marks the Company’s first in the Nashville MSA.
“Given the overall decline in CRE transactions we’ve seen this year, we’re especially pleased to have gotten this deal across the finish line,” said Ryan Reyes, CEO and Managing Partner for Argyle. “Easton Place is a great addition to our portfolio in a submarket that continues to see positive net migration by residents seeking a little more bang for their buck. We look forward to identifying more opportunities in the Music City.”
With a 2019 vintage, Easton Place is an intimate, 184-unit, garden-style community, with attractive curb appeal and best-in-class amenities. Sophisticated unit designs provide generous sq footage, stainless steel appliances, plank flooring, granite countertops, and trendy backsplashes, while upscale amenities include a ‘zero-entry’ pool with cabanas and waterfall lighting, ample green space, a cozy community firepit, lush landscaping, and a premier clubhouse that boasts a movie theatre for residents to enjoy.
“Easton Place had a very compelling business case from a growth and demographics perspective that spurred our decision to pursue the opportunity and market it to our partners,” said Brandon Rosser, Managing Partner for Argyle.
Easton Place sits 35 minutes from Nashville’s central business district, home to major employers such as Amazon, Verizon, General Mills, and Bridgestone. Ascension Saint Thomas Hospital (1,700 jobs) is near the Property, and Vanderbilt University Medical Center, Nashville’s largest hospital, is developing a new facility 5 miles from Easton Place, a factor that may spark future migration to the area.
The Company will deploy a conservative CAPEX plan that includes a minor property refresh, while the business plan, to be overseen by Greystar, will focus on driving lease-ups and maximizing operations.