03/24/2022
32 UNIT MULTIFAMILY PROPERTY IN CLARKSVILLE:
Thistlewood Townhomes is a 32-unit townhome community in rapidly growing Clarksville, TN. Constructed between 2012 and 2015, the townhomes feature extremely rare and spacious three-bed floorplans with attached garages and no deferred maintenance. The property is primed for a light interior value-add initiative, giving new ownership the opportunity to increase rents via modernizing unit interiors.
• Property Overview
• 1716-1722 Thistlewood Dr; 992 S Ash Ridge Dr; 505 Havendale Ct, Clarksville, TN
o 32 Units
o 2.56 Acres
• Poised for a light interior value-add initiative
• Similar attached garage townhomes are commanding rent premiums of $389 for modernized interior finishes
• Desirable 3BR/2BA townhome floorplans with attached garages
• Proximity to Retail and newly announced Global Employers
• Located within 1 mile of a Walmart Supercenter-anchored retail corridor, as well as ALDI, Starbucks, Walgreens, and numerous restaurants
• Clarksville is experiencing rapid employment and population growth
• Second fastest growing city in Tennessee
• 13% increase in population over the past 5 years
• Pricing expected to be north of $6,400,000 ($200,000/unit)
• 5.5% YR1 CAP
• 3, 5 & 7 YR CoC: 7%+
• IRR: 12%+
• Tours are available with 48-hour notice. Please contact the brokerage team to schedule a tour. (Jordan Arand: 815-291-9250)
• Offers due: Friday, April 1st, 2022
