Freeman Webb Sells Nashville Apartments for $24M

NexBank provided the buyer with nearly $19 million in acquisition financing for the 192-unit multifamily asset in the East Nashville/Inglewood submarket.
Aerial view of Point Breeze Apartments

Brandy Investments has acquired the Point Breeze Apartments, a 192-unit community in Nashville, Tenn., from Freeman Webb for $23.6 million, according to public records. NexBank provided $18.9 million in acquisition financing for the deal.

Located at 488 Lemont Drive in the city’s East Nashville/Inglewood submarket, the garden-style community is situated near U.S. Highway 31 East, less than 6 miles north of downtown. The asset is 1 mile from the Dickerson Pike retail corridor, home to a number of dining and shopping options, in addition to several hotels and a self storage property.

Point Breeze contains one- to three-bedroom units, with floorplans from 749 to 1,154 square feet. Community amenities include a dog park, saltwater swimming pool, fitness center and laundry facility. As of February, the property was 89.1 percent occupied, per Yardi Matrix data.

Earlier in March, a Freeman Webb-led joint venture refinanced a 472-unit community 15 miles south of Point Breeze.

Image via Google Maps