Camden Property Trust has expanded its presence in the Franklin, Tenn. apartment market with the acquisition of Camden Franklin, a 196-unit multifamily community. The real estate investment trust paid $43.5 million for the property, which it acquired from Eaton Vance Real Estate. Eaton Vance sold the asset after holding it for 11 years, having originally purchased it for $37.3 million in 2015, according to reporting cited from Commercial Search.
The community, previously known as Grove at Shadow Green, is located on a 15-acre site at 2000 Toll House Circle. Camden Franklin is organized as a garden-style property with 15 residential buildings, each rising two or three stories. The property was delivered to the market in 2014, placing it among the newer generation of multifamily assets in the area at the time of sale.
Camden Franklin offers a mix of one-, two- and three-bedroom apartments. Unit sizes range from 642 square feet at the smaller end of the spectrum to 1,353 square feet for the largest floorplans. This range positions the property to serve a broad resident base, from single renters to larger households seeking additional space.
Community amenities at Camden Franklin include a swimming pool with a sundeck and lounge seating, supporting outdoor recreation and social activity. Residents also have access to a fitness center, a resident lounge and a clubhouse. These common-area features align with contemporary expectations for institutional-quality suburban multifamily assets.
The acquisition marks Camden Property Trust’s second community in the Franklin submarket. Approximately seven miles from Camden Franklin is Camden Franklin Park, a 328-unit property that Camden acquired in 2021 for $89.1 million. With both Franklin assets included, Camden’s portfolio in the metro Nashville, Tenn. area has grown to a total of 1,389 apartment units.
The sale of Camden Franklin underscores ongoing investor interest in stabilized, relatively modern suburban multifamily properties in the Nashville region. Eaton Vance Real Estate’s exit after more than a decade of ownership, combined with Camden’s continued capital deployment in the Franklin submarket, illustrates the role of well-amenitized garden-style communities in institutional multifamily strategies.
