Cool Springs Complex Sells for Nearly $100 Million

IMT Capital, a private Los Angeles-based real estate investor bought an apartment complex in Cool Springs for $97.5 million on July 14, according to Williamson County property transfer records.

The complex, called Farms at Cool Springs, at 201 Gillespie Drive had been owned by Blackstone Group, one of the largest private investment firms in the world.

With 474 units at Farms, IMT Capital spent more than $200,000 per apartment. Also, it renamed the complex IMT Cool Springs.

This is the second apartment complex Blackstone sold in Williamson County in recent years. The Landings of Brentwood, a 724-unit complex at 1505 Landings Drive, sold for $110 million in May of 2016.

The new owner, California-based Steadfast Income REIT Inc., a paid about $152,000 per unit.

IMT, based in Los Angeles, is a real estate investment firm. The Company invests in multi-family real estate opportunities. They are a privately owned company with offices in Miami, Austin, and San Diego. IMT’s residential branch is a leading nationwide apartment operator with a portfolio that extends throughout Arizona, California, Colorado, Florida, Georgia, Tennessee, and Texas.

They own upwards of $630 million in real estate.