$106 million sale of multihousing development closes

JLL Capital Markets represented the buyer and secured the $62 million financing in the acquisition of the 304-unit Abberly Riverwalk (formerly known as Alta Riverwalk)

Abberly Riverwalk
JLL closed the $106 million acquisition and $62 million financing for Abberly Riverwalk (formerly Alta Riverwalk), a 304-unit community in Nashville.

JLL Capital Markets announced that it has closed the $106 million acquisition of and the $62 million financing for Abberly Riverwalk (formerly known as a Alta Riverwalk), a 304-unit, three-story, apartment community 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.

With an anticipated completion of July 2023, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include direct access to the Greenway Riverside Parkway, sundeck courtyard, outdoor firepit, co-working space, outdoor kitchen and grills, golf simulator, putting green, pet spa, 24/7 fitness club and more.

Abberly Riverwalk is positioned off of Highway-12 (15,000 VPD) and the highly trafficked I-65 (53,000 VPD), allowing residents easy connectivity to the rest of the submarket, as well as employment nodes like Downtown Nashville. In addition to premier connectivity, the property is positioned along the Cumberland River and also offers an entrance to The Greenway, a 200-mile interconnected trail throughout the metro area.

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 and Warren Johnson.

“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 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 Northeast to strategically redeploy into strong, long-term growth markets in the Sunbelt.  There are 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.