Clarksville, TN — May, 2026

MMG Real Estate Advisors announced the successful closing of Flats at Lancaster, a 112-unit multifamily community located at 372 S. Lancaster Road in Clarksville, Tennessee. The asset traded for $15.4 million, or approximately $138,000 per unit, representing a fully renovated and stabilized workforce housing opportunity in one of Tennessee’s fastest-growing markets.

The seller, Read Property Group, engaged MMG to lead the marketing and disposition of the asset. MMG’s process generated 19-written offers — an exceptional result for a deal of this size — ultimately resulting in the selection of a new-entrant buyer to the Clarksville market.

The property offers a favorable unit mix of one-, two-, and three-bedroom floor plans and underwent approximately $30,000 per unit in renovations prior to sale, delivering a turn-key value-add opportunity to the incoming ownership.

The transaction required a significant mid-process financing pivot. Due to the property’s proximity to Fort Campbell and a shift in military composition during due diligence, the team moved from Agency financing to Life Company financing in order to successfully capitalize the acquisition. MMG’s deal team identified this trend early, coordinated across the platform, and executed the transition without losing the deal.

“It was an incredible team effort,” said Austin Fragoletti, Managing Director at MMG Real Estate Advisors. “This deal did not come without its hurdles, especially having to pivot on a dime to another lender to keep the deal intact. Without the collaboration amongst the team, across the platform, the market would not have been made and this deal would not have gotten done.”

Eli Feller, Head of Acquisitions and Dispositions at Read Property Group, reflected on the outcome: “Austin and his team did an exceptional job in making the market for the asset. It is not every day you get to see 19-written offers on a 112-unit deal. That is a true testament to their work ethic and desire to produce a strong outcome for us as the client.”