EXECUTIVE Summary
- EMBREY has closed on land for Phases II and III of the Aureum master-planned community development in Franklin, Tennessee.
- Financing for Thatcher at Aureum, Phase I of the multifamily development, was announced in September of 2025. Phases II and III further establish EMBREY’s presence in the Nashville metro, a desirable multifamily corridor with strong market fundamentals supporting long-term investment performance.
- Aureum Phases II and III builds on decades of regional expertise, marking EMBREY’s 13th and 14th developments in Tennessee and its fifth and sixth in Franklin.
EMBREY, a vertically integrated real estate investment company based in San Antonio, TX, today announced the closing of six acres of land for Phases II and III of Aureum, a multifamily development located within SouthStar’s 22-acre Aureum mixed-use master plan in the Cool Springs submarket of Franklin, Tennessee. Acquired from SouthStar, this acquisition marks EMBREY’s first land closing of 2026 and continues the firm’s long-term investment in one of Middle Tennessee’s most sought-after growth corridors.
Phases II and III are planned to deliver a combined 604 apartment homes across two separate three-acre sites situated near the intersection of Carothers Parkway and East McEwen Drive, adjacent to Interstate 65. Phase II is expected to total approximately 281,000 square feet. With this closing, Aureum becomes EMBREY’s fifth and sixth multifamily developments in Franklin and its 13th and 14th projects in Tennessee since entering the state in 1987. This transaction represents EMBREY’s fifth development partnership with SouthStar.
“Franklin continues to stand out as a market defined by strong fundamentals, long-term demand and thoughtful growth,” said Brad Knolle, an executive vice president of development at EMBREY. “The closing of Phases II and III allows us to build on the momentum established with Phase I and reinforces our confidence in Williamson County as a place where quality development and community investment align.”
The new phases follow EMBREY’s Phase I development, Thatcher at Aureum, which began construction in late 2025. Phases II and III will further advance the vision for Aureum as a mixed-use destination that integrates residential development within a broader, master-planned environment.
Located in Williamson County, one of the fastest-growing and most affluent counties in the country, Franklin benefits from a highly educated workforce, a strong employment base and continued population growth driven by regional economic expansion in the Nashville metropolitan area.
“This land acquisition allows EMBREY to execute our capital strategy in a high-demand, well-located market,” said Garrett Karam, chief investment officer at EMBREY. “Franklin continues to offer the fundamentals we seek for long-term multifamily success.”
Karam and Knolle led the execution of the transaction for EMBREY.
FAQs
Q: What is EMBREY developing in Franklin, Tennessee?
A: EMBREY is developing Phases II and III of Aureum, adding an additional 604 apartment homes within the larger mixed-use, master-planned community, where it already is developing Thatcher at Aureum. Aureum is co-developed by project partner SouthStar.
Q: Why is Franklin, Tennessee an attractive market for multifamily investment?
A: Franklin offers strong market fundamentals and proximity to Nashville, making it a promising market for long-term multifamily development.
Q: Who is EMBREY partnering with on the Aureum development?
A: EMBREY is partnering with SouthStar on the Aureum project, marking their fifth collaboration.
About EMBREY
San Antonio-based EMBREY is a vertically integrated real estate investment company that develops, builds, acquires, owns, and manages multifamily communities and commercial assets in select markets throughout the United States. EMBREY celebrates over 50 years in business with more than 50,000 multifamily units and six million square feet of commercial property completed in its history. As a leading developer in the multifamily sector, the compa
