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NASHVILLE—CNL Growth Properties has inked a joint venture with Crescent Communities to develop a $40.3 million multifamily project in Franklin, TN, about 15 miles south of Nashville. The multifamily community will take the name Crescent Pool Springs.

“This development will meet the growing demand for luxury apartments in a thriving market,” says Andy Hyltin, president and CEO of the CNL REIT. “We continue to see opportunity in the multifamily sector as communities like these continue to attract new residents.”

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