The multi-family arm of a Canadian real estate investment fund paid $82.9 million for a recently completed apartment complex in Cool Springs.
Toronto-based Starlight Investments bought the 328-unit Mosby Cool Springs development, located next to Columbia State Community College in Franklin, in February.
The apartment complex was completed in 2019. Starlight’s website calls the community Paxton Cool Springs.
Starlight bought the complex from the Virginia-based developer Middleburg Communities. Mosby is the only Middle Tennessee community listed on the company’s website.
Starlight also owns a 300-unit building in Smyrna called Grand Oak at Town Park.
Mosby Cool Springs has two four-story buildings and a central clubhouse. A group of 28 townhomes on Southstar Drive was also planned for this development, but the townhomes were not included in the sale.
Starlight owns a portfolio of about 13,000 apartments across the United States, representing about $3.5 billion in assets.
The average price per unit of $253,000 falls short of the most expensive apartment sale in the Nashville area. Last September, The Nashville Business Journal reported that a Boston real estate firm’s purchase price of $287,000 per unit for for an apartment building in Franklin represented the highest price so far.
It’s also not the highest total price paid for an apartment complex. In August, a California real estate company paid $88 million for a 361-unit complex also in Franklin.