Franklin, Tennessee, October 5, 2025
News Summary
Embrey has secured financing through an internally originated loan with Texas Capital and started immediate construction on Thatcher at Aureum, a 296‑unit luxury apartment community in Franklin’s Cool Springs neighborhood. The site occupies about 3.8 acres within the 22‑acre Aureum master plan and will offer studio through three‑bedroom units. Planned amenities include a private clubhouse with micro‑offices and conference space, podcast studio, resort‑style pool with private cabanas, rooftop terrace, fitness and yoga studios, pet spa and bike facilities. The design will preserve and restore a historic stone wall. First occupancies are anticipated in the third quarter.
Embrey Secures Financing for 296‑Unit “Thatcher at Aureum”; Construction to Begin Immediately
San Antonio‑based developer Embrey has secured financing and will immediately begin construction on Thatcher at Aureum, a 296‑unit luxury apartment community within the master‑planned Aureum development in Franklin, Tennessee. The project sits in the Cool Springs neighborhood, at the southwest corner of Carothers Parkway and McEwen Drive, and covers about 3.8 acres. First occupancies are expected in third‑quarter 2027.
Financing and timeline
Embrey internally originated the loan through Texas Capital, with Embrey staff Garrett Karam and Brad Knolle listed as the internal originators. With financing in place, site work and vertical construction are slated to start immediately. The move pushes a high‑end multifamily component into the broader Aureum buildout as other pieces of the master plan advance.
Project scope and unit mix
Thatcher at Aureum will offer a mix of studio, one‑, two‑ and three‑bedroom floorplans across its 296 units. The development will include resident services, tenant amenity spaces and on‑site conveniences tailored to both work‑from‑home and social lifestyles that are in demand in the market.
Amenities
Amenities for the community are extensive and emphasize lifestyle and convenience. The property will feature a private clubhouse and lounge with micro‑offices, conference space, a podcast studio, a game room and a grab‑and‑go market. Outdoor and wellness amenities include a resort‑style swimming pool with a spa, private cabanas and grilling areas, a rooftop terrace, a gaming lawn, a fitness center and a yoga studio. Pet‑focused features include a pet spa and a pet park. Practical resident conveniences will include bike storage and a bike repair shop, and a 24‑hour package room with refrigeration.
Site stewardship
The project will preserve and restore an existing historic stone wall on the site to reflect and commemorate local heritage in Franklin as the property is developed.
How Thatcher relates to the Aureum master plan
Thatcher at Aureum is one component inside the larger Aureum mixed‑use project, which spans approximately 22 acres and is budgeted at about $500 million. The master plan is being developed by Chartwell Hospitality and Southstar; Chartwell Residential is leading the multifamily work for Phase 1. That first phase includes a 12‑story multifamily building with 355 residential units that will contain both for‑sale and for‑rent product and is expected to complete in about two years from the time of the recent reporting.
Master‑plan at full buildout
At full buildout, Aureum is reported to cover roughly 1.7 million to 1.75 million square feet, and planned components include about 480 total residential units, 700 hotel rooms across two hotels, approximately 750,000 square feet of office space and about 100,000 square feet of retail. The site also will include more than 5 acres of parks and open space with walking and biking trails.
Location and access
The Aureum property is located in Franklin’s Cool Springs submarket — roughly 16 miles south of downtown Nashville, or about a 20‑minute drive, depending on traffic. Developers have positioned the master plan to offer access to major regional job centers and transportation corridors that serve the greater Nashville metro area.
Market context
The broader metro area has experienced notable rent growth and a large multifamily construction pipeline in recent years, alongside shifting permit activity and changing demand patterns. Recent market indicators show moderated year‑over‑year rent growth and a substantial volume of units under construction across the region. Large corporate office moves and local employment shifts have also shaped demand forecasts for new housing product.
Project significance
The launch of Thatcher at Aureum adds a boutique, amenity‑rich rental option inside a mixed‑use campus that aims to combine hospitality, office, retail and open space. Its immediate start following financing secures a path for Embrey to deliver new luxury rental product to a busy suburban submarket while Phase 1 of the wider Aureum project continues to advance.
Frequently Asked Questions
What is Thatcher at Aureum?
Thatcher at Aureum is a 296‑unit luxury apartment development inside the larger Aureum mixed‑use project in Franklin, Tennessee.
Who is developing and financing Thatcher at Aureum?
The developer is Embrey, a San Antonio‑based firm. The loan was internally originated through Texas Capital, with Garrett Karam and Brad Knolle listed as the internal originators.
When will construction start and when are occupancies expected?
Construction will begin immediately and the first occupancies are anticipated in Q3 2027.
How large is the site and what unit types are offered?
Thatcher occupies about 3.8 acres and will offer studio, one‑, two‑ and three‑bedroom floorplans.
What amenities will be on site?
Amenities include a private clubhouse and lounge with micro‑offices, conference space, a podcast studio, a game room and a grab‑and‑go market; a resort‑style pool and spa with private cabanas and grilling areas; a rooftop terrace; gaming lawn; fitness center; yoga studio; pet spa and pet park; bike storage and repair shop; and a 24‑hour refrigerated package room.
How does Thatcher fit into the Aureum master plan?
Thatcher is one residential component within the 22‑acre, mixed‑use Aureum development. Aureum’s full program includes additional residential buildings, hotels, office space, retail and more than five acres of parks and trails.
Will historic elements be preserved?
Yes, the project includes restoration and preservation of a historic stone wall on the site to acknowledge local heritage.
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Key project features
| Feature | Detail |
|---|---|
| Project name | Thatcher at Aureum |
| Developer | Embrey (San Antonio‑based) |
| Units | 296 units (studio–3BR) |
| Site size | Approximately 3.8 acres |
| Financing | Internally originated loan through Texas Capital (originators: Garrett Karam, Brad Knolle) |
| Construction start | Immediate |
| First occupancies | Q3 2027 |
| Notable amenities | Clubhouse with micro‑offices, podcast studio, resort pool & spa, rooftop terrace, fitness & yoga studios, pet spa/park, bike storage & repair, refrigerated package room |
| Master plan | Aureum — 22 acres; ~$500M; Phase 1: 12‑story building with 355 units; full buildout ~1.7–1.75M sq ft |
| Master plan components at full buildout | ~480 residential units total, ~700 hotel rooms, ~750,000 sq ft office, ~100,000 sq ft retail, >5 acres parks |
| Location | Cool Springs, Franklin, TN — southwest corner of Carothers Pkwy & McEwen Dr; ~16 miles / ~20 minutes from downtown Nashville |
Deeper Dive: News & Info About This Topic
Additional Resources
- ReBusiness Online: Embrey Secures Financing for Thatcher at Aureum
- Wikipedia: Franklin, Tennessee
- Multifamily Dive: $500M Mixed-Use Plan Near Nashville Kicks Off with 12-Story Tower
- Google Search: Aureum Cool Springs development
- Multi-Housing News: JV Breaks Ground on Tennessee Community
- Google Scholar: mixed-use development Franklin Tennessee
- Nashville Post: Cool Springs Eyed for $700M Project
- Encyclopedia Britannica: Franklin, Tennessee
- Williamson Herald: BOMA Approves Aureum/Ovation Plans on 2nd Reading
- Google News: Aureum Cool Springs
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
