The Connor Group’s sale of Ashton Brook, a 390-unit luxury apartment complex in Franklin, TN set the record as the top Tennessee multifamily transaction in 2018.
Multifamily Housing News published the list Wednesday, noting The Connor Group sold the property for $86.5M, or $221,795 per unit last September. This was the first sale The Connor Group completed in the company’s Nashville market.
Ashton Brook was purchased in 2013 for $60.5 million. Over the course of five years, associates at the property were able to increase the annual revenue by $1 million. Connor Group investors received a 118 percent return on their investment.
“The key to our success in Nashville is a direct result of having the right people in place to execute our systems. Thanks to our dedicated team – and their relentless pursuit of excellence – we are able to provide our investors a significant return on their investment,” Managing Partner Larry Connor said.