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 major 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 major service center.
Over the past ten years, new and existing industries have added of 6,500 jobs in Jackson and Madison County, representing over $1.2B of new investment. Jackson’s labor draw is comprised of Madison and eight surrounding counties. Thirty percent of Madison County’s workforce commutes from surrounding counties and the number is even higher in the manufacturing sector. Industries are led by large household name companies including West Tennessee Healthcare, Stanley Black & Decker, Kellogg Company, Delta Faucet, and Tennova Healthcare. Only 125 new apartment units have been developed since 2014.
Cherry Grove was completed in 1996 and consists 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, 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 bushed nickel hardware, custom counter tops, and wood-style flooring.
Stonemark will continue its on-site management after closing. Cherry Grove was acquired in ApexOne Multifamily Fund III and will be held for long term growth and appreciation.