Nashville apartment building trades for $86.625 million

JLL Capital Markets represented the buyer and secured the $54.5M financing in the acquisition of Abberly Foundry (formerly known as Alta Foundry)

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Abberly Foundry
JLL closed the $86.625 million acquisition of and the $54.5 million financing for Abberly Foundry, a five-story, 231-unit community in Nashville, Tennessee.

JLL Capital Markets announced that it has closed the $86.625 million acquisition of and the $54.5 million dollar financing for Abberly Foundry, a five-story, 231-unit multihousing community, formerly known as Alta Foundry in Nashville, Tennessee.

JLL represented the buyer, HHHunt, in this transaction, and secured the floating-rate, bridge loan financing on behalf of the new owner.

Abberly Foundry offers studio, one- and two-bedroom units with average size of 740 square feet, quartz countertops, stainless steel appliances, walk-in closets and hardwood-style plank flooring. Best-in-class community amenities include a rooftop sky lounge with panoramic views of downtown Nashville, expansive courtyard, 24/7 fit club, co-working space, complimentary coffee bar, dog park and pet spa.

Located at 640 21st Ave. N., Abberly Foundry is situated in the Midtown neighborhood of Nashville, less than three miles from downtown Nashville. Residents of the property benefit from convenient access to the abundant job opportunities within the Central Business District and the Medical District, as well as the numerous restaurants, live music venues and shopping destinations within the neighborhood.

The JLL Capital Markets Investment Sales team that represented the buyer was led by Matthew Lawton, Brian Dawson and Nick Brown and the Debt Advisory team that arranged the financing was led by Travis Anderson.

“It has been a pleasure working with the entire HHHunt Team on this unique assignment to redeploy significant capital on a strategic basis, building on the already solid foundation that HHHunt has built over many decades,” said Lawton. “The team truly offers a vertically integrated platform that is best-in-class.”

JLL was exclusively retained by HHHunt this year to represent them on an exclusive buy-side representation for a large capital placement of a 1031 transaction, where they sold a significant asset in the Southeast to strategically redeploy into strong, long-term growth markets in the Sunbelt.  There will be a total of five, Class A multihousing assets acquired in Nashville, Atlanta and Charlotte.  HHHunt intends to continue to acquire assets on a strategic basis going forward.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.