Cool Springs apartments fetch $59M

Alara Farms bought by subsidiary of NY company

The 474-unit Alara Farms apartments on Gillispie Drive near Carothers Parkway in Franklin sold Tuesday for $59.25 million.

The buyer, Farms Apartment Associates LLC, appears to be an operational subsidiary of New York-based The Praedium Group, which specializes in "undervalued ... multi-family assets." The local LLC shares a business address with Praedium, according to filings with the Secretary of State.

Alara Farms was owned by Williamson Farms Inc., which is the local operator of American Realty Advisors, another real estate investment firm. It bought Alara, which was built in 1997, for $32 million in 2000 and its sale this week is likely to rank among the biggest in Middle Tennessee this year.