Embrey Acquires Nashville-Area Site for 600 Multifamily Units
The firm has been building in Tennessee for nearly four decades.
Embrey is expanding its holdings in Tennessee with the acquisition of six acres of land in Franklin, where the firm plans to build a total of 604 units in the Cool Springs submarket. The project will be part of Phases II and III of the 22-acre $500 million Aureum mixed-use, master-planned community.
The San Antonio, Texas,-based real estate investment company acquired the land from SouthStar, one of two companies behind the Aureum project. Embrey paid $24.1 million for the sites, according to the Nashville Business Journal.
The transaction is Embrey’s first land closing for 2026, and marks the company’s fifth and sixth multifamily developments in Franklin. The site also marks Embrey’s thirteenth and fourteenth projects in Tennessee since entering the state in 1987.
In September, Embrey closed on a nearly $65 million construction loan for Thatcher at Aureum, a five-story, 296-unit luxury apartment community being built as the first phase of the Aureum project, NBJ reported. The firm began construction on Thatcher in the fall. First occupancies are expected to begin in the third quarter of 2027.
Embrey projects outlined
Phases II and III will be located near the intersection of Carothers Parkway and East McEwen Drive, adjacent to Interstate 65. The properties are bounded by Aureum Drive, Ovation Parkway, Carothers Parkway and East McEwen Drive, with Gold Drive in between the two sites. The second phase is expected to total approximately 281,000 square feet. The size of Phase III and further construction details on both projects were not disclosed.
The Phase 1 project, Thatcher at Aureum, will feature a mix of studio, one-, two- and three-bedroom floorplans with interiors including wood-style flooring, quartz countertops, tiled backsplashes and soft-close cabinets. Amenities at the site will include a private clubhouse with micro offices, conference spaces, a podcast studio, game room and grab-and-go market. The property will also feature a pool and spa, private cabanas, grilling areas, a rooftop terrace, gaming lawn, fitness center and yoga studio. Residents will also have access to a refrigerated 24-hour package room, in addition to a pet spa and pet park, bike storage and repair shop.
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Residents at all three Embrey properties will be near retail, dining, office, hotels and nearby park and nature trail amenities located within the $500 million Aureum master-planned community. SouthStar and joint venture partner Chartwell Hospitality broke ground on the mixed-use development in February of 2023.
A busy 2025
Embrey has completed more than 50,000 multifamily units and 6 million square feet of commercial property over more than 50 years. The firm currently has more than 6,000 units of multifamily housing under construction or in contract.
In November, Embrey closed on land and construction financing from PCCP, LLC, for the development of Boggy Creek, a Class A, 300-unit garden-style apartment community in the Lake Nona corridor of Orlando, Fla. It’s the firm’s sixth development in Orlando and 16th overall in Florida since entering the state in the 1980s. Construction is underway, with the first occupancies expected in early 2027.
That same month, the developer closed on land and financing for 12th & Gateway, a 340-unit luxury community on seven acres in Phoenix. Financing was provided by Frost Bank, with support from private investors. It’s Embrey’s fifth project start in Phoenix and its ninth overall in Arizona. Construction is ongoing, with the first deliveries expected by the third quarter of 2027.
Frost Bank also provided financing to Embrey in June for the development of Flats at The Hatchery, a 344-unit Class luxury multifamily community in Austin, Texas. Initial deliveries are slated for the third quarter of 2027, with the entire project expected to be completed by mid-2028.
