Tours Available Through September 22; Offers Due September 23

Brookside Investment Sales is pleased to offer for sale the Harpeth Hills Apartments located in Franklin, Tennessee. The 51-unit, two-story community was built in 1968. Today it is subject to a Project Based Section 8 program until January, 2026. The community is situated on 5.16 acres. The community is well located in the City of Franklin within 2 blocks of the Factory at Franklin. The Factory at Franklin will undergo a substantial redevelopment in 2022 and 2023.

Harpeth Hills Apartments present two distinct redevelopment opportunities: First is the opportunity to renovate/redevelop the existing 1968 built, 51 Unit Project Based Section 8 community with upgraded interior and exterior finishes plus add community amenities for recreation purposes. The second opportunity is to build a new conventional community that would appeal to the overall demographics of Franklin with a Median Household Income of $100,165 in 2021. (esri Market Profile)

The in-place zoning for Harpeth Hills Apartments is Planned District (PD) which will allow greater density than the existing 10 units per acre if parking and grassland requirements are met. An example of a higher density development is located next door to Harpeth Hills. Built in 2013, The Everly Apartments is a Class A garden style construction with 214 units located on a 15-acre site with PD zoning. The site plan yielded 14.43 Units Per Acre. Per Envision Franklin guidelines The Everly was limited in height to a 3-story development. Another more recent comparable development still under construction is The Oakbrook Townhomes located at 200 Mallory Station Rd. The 89 unit community sits on approximately 6.4 acres, according to tax records, for a 13.91 DUA.

A new affordable housing development would address the rising demand for housing as a result of the increasing population in Franklin. In 2010 the population of Franklin was estimated at 62,487 based on US Census Report. In 2021 the population in Franklin reached 85,469 according to the US Census. This equates to an increase in population for Franklin of 37%. This equates to a annual growth rate of approximately 3.36% or 2,089 people per year. Impressively, the projected rate of annual population growth for Franklin between 2001 and 2006 is 2.9%, according to esri Demographics or 2,985 people per year.

Today, Franklin is one of the wealthiest cities in one of the wealthiest counties in the United States. A new affordable housing development would address the rising demand for housing as a result of the increasing population in Franklin. In 2010 the population of Franklin was estimated at 62,487 based on US Census Report. In 2021 the population in Franklin reached 85,469 according to the US Census. This equates to an increase in population for Franklin of 37%. This equates to a growth rate of approximately 3.36% annually or 2,089 people per year. Impressively, the projected rate of annual population growth for Franklin between 2001 and 2006 is 2.9% according to esri Demographics or 2,985 people per year.