Property Key Features
- Market: Springfield, TN
- Number of Units: 12
- Class: C
- Date Acquired: 10/30/2025
Watson Rd. Apartments is a 12-unit community located just 20 minutes north of Nashville, Tennessee. Novo Capital Management acquired the property in October 2025 and is executing a value-add business plan focused on strategic interior upgrades and professional management.
Acquired for approximately $200,000 below replacement cost, the property offers a compelling rental upside of about $200 per unit. Springfield’s steady population growth, combined with the absence of future multifamily supply in the pipeline, sets the stage for long-term sustainable returns.
Planned improvements include new LVP flooring in living areas, upgraded countertops, modern appliances, refreshed lighting, and full-unit repaints. These enhancements will align the property with comparable communities in the area and support achieving market-level rents. Novo Capital Management is partnering with a leading regional property management firm specializing in value-add multifamily assets.