Investment Highlights

Value-Add Opportunity: New ownership will have the opportunity to add value to the property by updating the interiors with new countertops, appliances, fixtures, or painted cabinets.

Loss-to-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $92 per unit more than in-place leases. 

Below Market Rents: Northwoods sits over $700+ below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by 10.6% in 2021 and 6.0% in 2022, according to CoStar projections.

Amenities Upgrade: New ownership has the opportunity to enhance the amenities package through improving the playground and surrounding green space, updating the grilling/picnic area, or adding an additional amenity such as a pool or dog park.

Diverse Demand Drivers Base: Clarksville and the surrounding area is home to a diverse set of demand drivers, including:

  • Austin Peay State University: 11,048 students; 860 jobs; TN’s fastest growing state university
  • Governor’s Square Mall: 1.1 million SF; Dillard’s, Belk, Dick’s Sporting Goods; over 100 retailers
  • Austin Square Shopping Center: 100,000 SF; At Home, TJ Maxx, Hobby Lobby 
  • Tennova Healthcare: 270 beds; 1,150 jobs
  • Oak Grove Racing Development: $200 million facility boasts 128 rooms, 1,300 game machines, 4 restaurants, 2 bars, a coffee shop, and multiple ballroom spaces.

Significant Capital Infused into Clarksville: Multiple major projects are contributing to the growing economic landscape in Clarksville, including:

  • Amazon: $100 million distribution facility; 1 million SF; 500 jobs created
  • The CBE Group: $1.2 million call center; 500 jobs created
  • Hankook Tire: $800 million facility; 800 jobs created
  • Google Data Center: $600 million; 75 direct jobs created; Potential 1,000 additional indirect jobs
  • LG Electronics: $360 million factory; 600 jobs created
  • Microvast: $240 million plant; 287 jobs created
  • Agero, Inc: $2 million expansion; 900 jobs created

3rd Largest Military Base: Fort Campbell has a $10.1 billion per year economic impact for Tennessee and provides over 58,000 direct and indirect jobs.

Top Ranked, Rapidly Growing City: Clarksville has seen rapid population and economic growth and has been highly ranked by multiple publications as a result:

  • #1 - Best Places to Live in America (money.com)
  • #9 - Top MSA’s for Economic Strength (areadevelopment.com)
  • 21.3% population growth from 2010-2019 outpacing the national (7.1%) and state (7.6%) average
  • 67% wage growth from 2009-2019, beating the national average (49.6%) by a wide margin

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