Mid-America Apartment Communities has purchased nearly 40 acres from Crescent Resources in Cool Springs and announced the former owner will partner in the development of a 428-unit apartment complex on the site.
Memphis-based Mid-America paid $6.4 million for the 39.8 acres near Carothers Parkway and McEwen Drive (see image) from Crescent, which had planned its Circle at Cool Springs development for the parcel.
According to a release, Crescent is still on board as a development partner for the project, which has been long-delayed but was still in Crescent's pipeline as recently as this summer.
Mid-America said construction should begin within two months.
"We see this investment as a terrific value-add development opportunity adding a high quality asset to our portfolio in a very desirable submarket within one of our target growth markets," said Al Campbell, Mid-America's executive vice president and CFO.
MAA purchased Gallatin's high-end – but completed – Avondale at Kennesaw Farms in June.