On behalf of our client, Snell Properties:
Snell Properties Closes on Retreat at Iron Horse in Greater Nashville
Luxury resort-style community is the group’s first investment in the state
Arlington, VA. (September 21, 2020) — Arlington, Virginia-based Snell Properties and its partners closed on the purchase of Retreat at Iron Horse, a luxury resort-style multifamily community in Franklin, Tennessee, known as one of Nashville’s most desirable suburbs. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group. The Nashville CBRE Team, led by Russ Oldham and Brett Kingman, represented the seller in the transaction. Embrey Partners has been retained to continue to manage the property.
Retreat at Iron Horse is a luxury, resort-style rental community with 270 apartment homes spanning 13 garden-style buildings and surrounded by 20 acres of lush green space. Located in Williamson County at 1000 Iron Horse Lane in Franklin, Tennessee, this property was completed in 2019 and achieved stabilization within its first 10 months in operation.
“The Greater Nashville area has been on our investment radar for some time and we are thrilled to enter the market with this spectacular property,” says Christopher Hanessian, President of Snell Properties. “The location, craftmanship, and growth potential make it a natural fit in our growing portfolio of assets.”
Retreat at Iron Horse offers one, two and three-bedroom floorplans with impressive interiors featuring quartz countertops, patterned backsplashes, wood-style flooring, premium carpet, and built-in desks well-suited for work from home arrangements. Resident amenities include a resort-style pool with lounge chairs, water features, grilling stations, and cabanas along with a state-of-the-art fitness center offering yoga and virtual fitness technology, a fire pit gathering area, outdoor pavilion, dog park, and more. Additionally, Retreat at Iron Horse offers residents use of an expansive 7,000 square-foot clubhouse with a great room, 360° fireplace, coffee bar and plush social spaces as well as a business lounge with conference rooms.
With its business-friendly atmosphere, highly educated workforce and enticing quality of life, Greater Nashville is one of the fastest-growing markets in the United States and a leading market for investment. Considered the nation’s healthcare capital, the Nashville region is home to 500+ healthcare companies, including top employers such as HCA Healthcare, Community Health Systems, United Healthcare, and Brookdale Senior Living. Industry titans such as Nissan North America, Bridgestone, Asurion, and Amazon recognize the immense appeal of Nashville and have invested in the area, allowing Nashville to be ranked in the top 10 metro areas for job growth six years in a row and counting. Nashville was ranked the second highest metro region in the country for job growth year-over-year by the U.S. Bureau of Labor Statistics in January 2020. It is noted that Nashville, and Williamson County in particular, where 12 of the top 25 public companies in the region are based, are strongly positioned to quickly rebound from the negative economic impacts of COVID-19.
“The strength of the Greater Nashville market and the lifestyle afforded in Franklin are second-to-none,” adds Peter Colarulli, Vice President of Snell Properties. “We look forward to continuing to identify investment opportunities in this incredible market.”
About Snell Properties
Headquartered in Arlington, Virginia, Snell Properties is an investor, developer, and asset manager of a portfolio of multifamily, commercial, and mixed-use properties in urban and suburban submarkets surrounding Washington, D.C. Founded in 1947 by George Snell, the company has built a legacy of creating value with its core portfolio of multifamily and commercial assets. Today Snell is managed by a seasoned team of real estate professionals with expertise in value-add renovations, development, finance, acquisitions, and asset management. With a noteworthy portfolio of assets and exciting plans to expand into new markets and ventures, Snell is a boutique firm building on its legacy in innovative ways, including the redevelopment of the Ames Center in Rosslyn. For more information, please visit snellproperties.com.