NASHVILLE, TENNESSEE (May 3, 2023) — Northmarq’s David Stollenwerk and Bryan Schellinger of the Nashville office, along with associates Ben Crawford and Brenden Bercaw, have completed the $40 million sale of Addison at Rossview. The resort-inspired apartment community was built in 2016 and is located at 200 Holland Drive in Clarksville, Tennessee. Northmarq represented the seller, a local developer, and procured the buyer.
“Due to a limited supply of Class-A communities in the Clarksville market, Addison at Rossview, with its high-quality amenities, above-market occupancies, and no deferred maintenance, offered a very attractive value to the discerning and informed investor,” said Stollenwerk. “Additionally, Clarksville is a key rental market due to its strong, diverse economy, rapid economic growth, and proximity to Nashville. This community complements the buyer’s existing real estate portfolio.”
Daniel Trebil, executive vice president and regional managing director of Northmarq’s Minneapolis, Minnesota debt/equity office, working with Jesse Lemos, managing director of Northmarq’s Nashville debt/equity office, secured the acquisition financing on behalf of the buyer, Timberland Partners. The 10-year fixed rate loan was structured via Northmarq’s Fannie Mae platform. “Despite the volatile interest rate environment, we were able to secure attractive interest only financing on behalf of our client, allowing Timberland to add another tremendous asset to its portfolio,” said Trebil.
“By delivering tailored capital market solutions for the buyer, we were able to effectuate a sale with positive outcomes for both parties involved in the transaction, demonstrating the strength of the Northmarq platform and the exemplary results delivered to our clients” added Schellinger.
Addison at Rossview is comprised of 205 luxury one-, two-, and three-bedroom apartment homes located in fast-growing Clarksville. The mix of historical and modern establishments and proximity to several state parks and rivers makes Clarksville a perfect location for residents to unwind. The pet-friendly community features a saltwater swimming pool, a dog park, and a playground. Each apartment offers nine-foot ceilings, luxury bathrooms with soaker tubs, stainless steel appliances, and more. Just 45 minutes north of Nashville, Addison at Rossview offers an escape from the city and the ability to shop, walk, and enjoy the outdoors.
Apartment amenities include: Hardwood style flooring, kitchen islands, decorative crown molding, nine-foot ceilings, elegant ceramic tile backsplash, stainless steel appliances, premium hardwood cabinets, granite countertops, luxury bathrooms with soaker tubs, alarm system, exterior storage closets, large walk-in closets, and patios/balconies. Community amenities include: Saltwater swimming pool, playground, dog park, gated community, coffee bar, community clubhouse, business center, poolside grill, outdoor dining area, four-acre park and walking trail, garages, community mail center, on-site resident services team, and on-site maintenance.