CHICAGO and MEMPHIS, Tenn. – November 18, 2019 – Berkadia announced today the sale of Waterford Landings, a 364-unit garden-style multifamily property in Clarksville, Tennessee. Senior Director Patrick Jordan of Berkadia’s Memphis office, along with Senior Managing Director Alex Blagojevich of Berkadia’s Chicago office, completed the $46.5 million sale on behalf of the seller, Arizona-based Stoneleigh Companies. The buyer was Texas-based WAK Management, and the deal closed on October 23.
“Waterford Landings is a 2000s vintage asset that remained largely unrenovated at the time of sale,” said Jordan. “Strategic improvements to the interiors of the units and of the common areas will allow for further revenue growth as the greater Clarksville market continues its economic trajectory.”
Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans with dishwashers, air conditioning and walk-in closets. Community amenities include two swimming pools, laundry facilities and a barbecue area. The property affords convenient access to Interstate 24 and Route 79.