Minneapolis-based Timberland Partners has acquired Ashton Creek Farms in Smyrna, Tennessee, and Eastwood Ridge in Rochester, Minnesota.
Timberland Partners now owns and manages 76 apartment communities totaling 16,098 units in its portfolio spanning 15 states.
The 168-unit acquisition was funded by a newly formed ownership partnership. The 209-unit acquisition was funded by a reuse of equity through the 1031 tax-deferred exchange process.
Ashton Creek Farms is a Class-A property built in 2014 consisting of one-, two- and three-bedroom apartments, hosting amenities such as a resort-style pool, fitness center, dog park and clubhouse. Units feature nine-foot ceilings, stainless steel appliances, granite countertops and hardwood-style flooring. As part of the capital improvement plan, an outdoor kitchen and firepit will be added along with updating the clubhouse, pool area and fitness center.
Eastwood Ridge is Class-A property built in 2016 consisting of one-, two- and three-bedroom floorplans, with amenities such as a clubhouse with coffee bar, fitness center, resort-style pool and dog park. Units feature nine-foot ceilings, stainless steel appliances, granite countertops and hardwood-style flooring.
Exterior capital improvements are planned to create a new grilling area, improve landscaping and upgrade amenities.
