FRANKLIN, TN-CB Richard Ellis has closed the sale of an apartment complex in Cool Springs. Glendale, California-based Williamson Farms Corp. has sold Alara Farms, a 474-unit apartment complex at 201 Gillespie Drive, to Farms Apartments Associates LLC for $59.25 million, or about $125,000 per unit.
The multifamily property, constructed in 1997, sits on a 32.2-acre site. Williamson Farms purchased the complex in 2000 for $37 million. Steve Massey of CB Richard Ellis negotiated the deal on behalf of the seller.For the full story, go to Nashville Business Journal.
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