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MULTIFAMILY CASE STUDY

Disclaimer: Case studies are illustrative, with the deal reflecting a real evaluation but not a completed transaction. Projected returns are targets and not guaranteed. Consult financial advisors.

HARMONY SQUARE APARTMENTS

Clarksville, Tennessee

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The Offering

Welcome to Harmony Square Apartments—the pinnacle of luxury townhome living in Clarksville, Tennessee, proudly presented by Maynard Capital Group and its distinguished partners. Nestled within the heart of the city, our 66-unit complex redefines upscale living with avant-garde architecture and a striking landscape that sets us apart. Indulge in unparalleled amenities with our exclusive clubhouse and state-of-the-art fitness center, elevating Harmony Square's allure beyond the ordinary. Featuring the most spacious two and three-bedroom floor plans in Clarksville, our townhomes average an impressive 1,387 square feet, complete with sophisticated stainless steel finishes—crafted for those with a taste for the finer things. With thriving new employment from the LG Plant, Amazon Facility, and an array of medical centers fostering over 2% city growth, Harmony Square Apartments are not just homes—they are a statement.

We are currently accepting Accredited Investors Only. This opportunity is being acquired at below cost pricing for stabilized risk adjusted returns going forward.

Investor Deal Summary

Location:

Property Type:

Cash Flow:

IRR:

Equity Multiple:

Minimum Investment:

Holding Period:

Bonus Depreciation:

Loan Amount:

Loan Interest Rate:

Clarksville, Tennessee

Class A Multifamily

6% Average Yearly Cash Flow

15%

Est. 1.9x

$50,000

5-7 Years

Yes

$7,500,000

5.8%

Video

The Plan

Harmony Square is a 66 unit apartment community that completed construction during 2023. During lease up, many of the units were leased at under market rates. The Loss to Lease, a metric that measures the difference per unit between in-place rents and market rents, currently allows for rents to be increased on average of $197 per unit while the vast majority maintain a Loss to Lease of approximately $210 per unit. Increasing rent while maintaining occupancy will occur over the course of two years in which time market rents may continue to grow.

As one can observe, the majority of the turnover occurs between Q4 2024 and Q2 of 2025. The team will work with management to effectively increase rents over this period to increase cash flow. This is known as forced appreciation. At this time, there is no rent control in the area boasting a landlord friendly state.

The Property

Largest Townhomes in Clarksville

Harmony Square boasts the largest townhomes in Clarksville with 58 2-bedrooms 2.5 baths at 1,364 SF. There are 8 3-bedroom 2.5 bath units at 1,550 SF. All units have stainless steel appliances including refrigerator, stove, microwave, and dishwasher. The kitchen and bathrooms have tasteful white granite countertops. The flooring consists of wood laminate in the kitchen, living room, and bathrooms with carpet in the bedrooms. The windows are double hung in vinyl frames with insulated glass. There is laundry in each unit.

Individual Unit Features

Each unit has its own private patio with dividers and exterior HVAC. Individual electric, water, and sewer meters reduces the expenses for management with tenants paying utilities directly. The end units have an additional exterior storage closet.

Property Features

There are 8 2-story townhome buildings on the property with a standalone clubhouse and fitness center. The buildings are constructed on a slab foundation with wood frame construction. The roofs are pitched with composition shingles. The exterior finishes are brick and vinyl siding.

The buildings are situated on a 4.13 acre site, 16 units per acre with 134 parking spaces or 2 spaces per unit with 4 dedicated to visitors and the leasing office.

The Market

Clarksville Tennessee

841 Professional Park Dr, Clarksville, TN 37040, USA

Job growth is strong with two new plants coming online in the area; LG Chem plant with 800 plus jobs and an Amazon fulfillment center initially projected 500 jobs now at 2,000 new jobs. Both facilities are now hiring. Median income around the property is at $74,000 per year. (US Census Bureau)

As the state’s largest and fifth largest cities, Nashville and Clarksville have developed an economic and demographic interdependence with nearly 50,000 cross commuting workers.

Clarksville, located 40 minutes from Nashville, is Montgomery County's main hub and Tennessee's fifth most populous city. Known for its rich history, it houses Austin Peay State University and the historic Leaf-Chronicle—Tennessee's oldest newspaper. Next to it is Fort Campbell, an Army base that shapes the local culture and economy. The base contributes significantly to community services like healthcare, education, and infrastructure. Montgomery County has a population of 238,000 and is expected to grow 1.41% with the population growing by 23,400 from 2019 – 2023.

The Projections

Formal projections are included in the Offering Package. The following is based on potential returns over a 10 year holding period. Updates will be provided during the subscription period.