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Development Firm Headquartered in Dallas Pays $6.4 Million for Multifamily Complex North of Nashville

JLB Partners Picks Up 112-Unit Reserve at Royster in Clarksville
October 3, 2018
The 112-unit Reserve at Royster apartment complex in Clarksville, Tennessee.

JLB Partners, a national developer, builder and manager of multifamily properties headquartered in Dallas, purchased a 112-unit apartment complex in Clarksville, Tennessee, from Park Investments. The Reserve at Royster sold for $6.4 million, or about $57,000 per unit.

The garden-style complex at 3301 Royster Lane comprises a mix of two-bedroom apartment and townhouse units averaging 950 square feet in 16, two-story buildings. Built in 2005, the property spans five acres less than two miles from Clarksville Regional Airport.

Gloria Gregory with Marcus & Millichap served as dual agents in the sale.

Please refer to CoStar COMP #4504516 for additional information regarding this transaction.

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