Cherry Grove Apartments is a 380-unit Class B+ community located in Jackson, Tennessee. The property was developed in 1996 and is situated 1.4 miles north of I-40, a central freeway corridor connecting Nashville and Memphis. Long sustained by healthcare, manufacturing, and educational sectors, this west Tennessee region has leveraged its manufacturing base to evolve into a primary service center.
Over the past ten years, new and existing industries have added 6,500 jobs in Jackson and Madison County, representing over $1.2B of new investment. Madison and eight surrounding counties provide the regional workforce. Thirty percent of the Madison County workforce commute from surrounding counties, and in the manufacturing sector, the percentage of commuters is higher. West Tennessee Healthcare, Stanley Black & Decker, Kellogg Company, Delta Faucet, and Tennova Healthcare are a few of the region's leading industries. The market has only received 125 new units since 2014.
Cherry Grove was completed in 1996 and consisted of one and two-story buildings offering one, two, and three-bedroom floor plans ranging from 750 to 1,200 square feet. The site offers a beautiful clubhouse and an array of community amenities, including BBQ grilling stations, a fitness center, hot tub, swimming pool and sundeck, two lighted tennis courts, and wood and lake views. Interior unit amenities include fully equipped kitchens, fireplaces, intrusion alarms, washer/dryer equipment, European-style cabinets, patio or balcony, and some units with brushed nickel hardware, custom countertops, and wood-style flooring.
ApexOne Multifamily Fund III, LP, purchased Cherry Grove and will hold long-term to capture growth and appreciation. Stonemark will continue its on-site management after closing.