Local real estate business enters Nashville market with $60.5M purchase

Centerville real estate investment firm The Connor Group said it entered its ninth market Tuesday, making one of its largest acquisitions in the firm’s history.

The company purchased Ashton Brook in the Nashville, Tenn. market for $60.5 million from the Alara Franklin Corp. Only one previous Connor acquisition has come with a larger purchase price, the company said in an announcement.

The company described the acquisition as “a 390-unit gated community in the vibrant Cool Springs submarket of Franklin (Tenn.). Amenities include resort-style pools, fitness center, tennis courts, pet park and garages.”

“We’ve watched Nashville for years,” company managing partner Larry Conner said in the company’s statement. “We love the growth and the dynamics of the market.

“In fact, we recently completed a strategic planning process to map out company growth. Part of that plan was new markets, and Nashville was at the top of the list,” he added.

A story in the Tennessean, a Nashville newspaper, says the Connor Group paid “a record price for a multifamily housing property in the Nashville area this year.”

The company could enter two to three new markets in the next five years, it said.

The Connor Group, which started in 1991 with $400,000 to buy three apartment communities in Dayton, now has more than $1.5 billion in assets.

It owns communities in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.