Despite Covid-19 disruptions, in July of 2020, PENLER closed on a 16.5-acre property in the northern Nashville suburb of Gallatin. The property is just east of a brand-new Kroger Marketplace, just west of the Greensboro Village shopping center and adjacent to Foxland Golf, Marina and County Club.
The project benefits from an average 5-mile household income of $131,027, median housing values north of $389k and an excellent public-school system, including the new facilities recently delivered at Station Camp.
The luxury apartment community’s two-story townhome design welcomed first residents in Q3 of 2021 with final completion in the spring of 2022. The property offers several community lawns, a dog park, and a 6,000-squarefoot clubhouse with an expansive pool deck, fitness center, lounge, and leasing center. Unit features include direct entry, quartz countertops, luxury stainless appliances, vinyl plank flooring and high-end lighting and plumbing fixtures.
On June 15th, 2022, Penler sold The Parkstone realizing a project multiple of 3.88 and IRR of 136%.