The Connor Group closed a deal Wednesday that will pay it $86.5 million for Ashton Brook, a 390-unit luxury apartment complex in Franklin, TN. This is the first sale completed by The Connor Group in the Nashville market.
The Dayton, Ohio-based real estate investment firm purchased the community in 2013 for $60.5 million and operated it until Wednesday’s sale. The team was able to increase the annual revenue by $1 million over the course of the last five years. Connor Group investors received a 118 percent return on their investment in Ashton Brook.
“The key to our success in Nashville is a direct result of having the right people in place to execute our systems. Thanks to our dedicated team – and their relentless pursuit of excellence – we are able to provide our investors a significant return on their investment,” Managing Partner Larry Connor said.
Ashton Brook was The Connor Group’s fourth sale in 2018, a year in which it plans to execute more than $1 billion in transactions. Ashton Brook is located at 100 Gillespie Drive in Franklin.
The Connor Group, founded in 1992, has grown from $0 to more than $2.2 billion in assets. The real estate investment firm owns and operates luxury apartments in Austin, Nashville, Atlanta, Minneapolis, Chicago, Charlotte, Raleigh-Durham, Dallas, Denver, and in its home state of Ohio. The Connor Group has won numerous awards regionally and nationally for excellence and innovation.