Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Airport Place Apartments, a 121-unit apartment property in Clarksville, Tennessee.
“This transaction highlights the ongoing demand for high-quality multifamily assets in emerging markets,” said Charlie Smith of Marcus & Millichap. “Clarksville’s strong economic fundamentals, driven by steady population growth and a thriving job market, continue to attract significant investor interest. This transaction underscores a broader trend: investors are increasingly seeking opportunities in secondary markets that offer both stability and potential for long-term growth.” Smith procured the buyer, Mastermind Multifamily Investments.
Gloria Gregory, senior vice president investments in Marcus & Millichap’s Knoxville office represented the seller, Todd Morris of Morris Properties. Jody McKibben is Marcus & Millichap’s broker of record in Tennessee.
Completed in 2023 on eight acres, Airport Place Apartments has onsite property management and online services. Apartments feature security systems, eat-in kitchens, washers, dryers, and walk-in closets.
The property is a short drive from the Fort Campbell military base, Clarksville Regional Airport, Austin Peay State University, and Downtown Clarksville. Shopping is close by at Governor’s Square Mall. Major employers in the Clarksville area include Hankook Tire, Sunstate Equipment Co., Northwestern Mutual, Hendrickson, Beacon Hill, and Dillard’s. The modern conveniences of fast-growing Clarksville are thoroughly complemented by its small-town vibe. Historical establishments nestle beside modern stores, blending the old with the new.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
