This article was originally published on the Las Vegas Business Press
Las Vegas-based Camino Verde Group, in association with NV2 Holdings of Austin, Texas, has acquired the Aspen Meadow apartment community in Hopkinsville, Kentucky. This is Camino Verde’s first property outside the West.
“The purchase further defines Camino Verde Group’s multifamily investment strategy focused on acquiring quality assets in markets with strong fundamentals,” said Kevin Romney of Henderson, chief investment officer for Camino Verde Group.
“Specifically, the acquisition is Camino Verde’s first east of the Mississippi River and further diversifies its existing multifamily portfolio across the country. CVG plans to expand its footprint in the East over the coming years in markets with strong market fundamentals and overall economic growth.”
Aspen Meadow is a 258-unit multifamily property nestled in Hopkinsville, part of the Clarksville, Tennessee Metropolitan Statistical Area. The property at 1050 Denzil Drive is minutes away from the Oak Grove Racing, Gaming & Hotel and the Fort Campbell Army Base. Fort Campbell is home to the 101st Airborne Division and is the fourth-largest Army base and seventh-largest in the Department of Defense.
Constructed in phases from 1979 to 1989, Aspen Meadow offers units with two beds and one bath or two beds and two baths housed in 31 two-story town homes and two-story eight-plexes. The community is situated in a park-like setting. Units range in size from 860 square feet to 1,350 square feet, with rent prices starting around $725 per month.
Currently, 87 percent of the Aspen Meadow’s units have been remodeled. Remodeled units offer new appliances, such as washers and dryers, ranges, dishwashers, built-in microwaves and refrigerators.
Camino Verde will continue renovation of the remaining 13 percent of units with the same appliances and finishes in each unit.
Aspen Meadow features an indoor swimming pool, fitness center, playgrounds, basketball court and picnic area. The complex is pet friendly, allowing pets with an additional deposit and housing a fenced-in pet play area.
Camino Verde Group LLC is a Las Vegas-based, privately held real estate investment, development and asset management company with its sole focus on multifamily and mixed-use real estate.
NV2 Holdings, LLC is a diversified real estate investment firm whose principals have acquired more than 30 apartment communities with more than 5,000 units in Texas, Michigan and Georgia totaling over $400 million in assets.