New Nashville Community Commands $64M

Alpha Capital Partners funded the 282-unit purchase with a $50 million loan from Benefit Street Partners Realty Trust.
Image via Pixabay.com

Westplan Investors has completed the $63.5 million sale of Accent Glassworks, a recently completed, 282-unit community in Nashville, Tenn. Alpha Capital Partners acquired the property, according to Davidson County records. Benefit Street Partners Realty Trust provided a two-year, $50 million acquisition loan.

In 2018, the seller and developer acquired the 8-acre site at 541 Great Circle Road for $7.4 million from Aegis Sciences Corp. founder David Black, according to Nashville Post. Synovus Bank originated $30.9 million in construction financing for the project, Yardi Matrix shows. The company broke ground on the site last summer.

Accent Glassworks encompasses two four-story buildings delivered earlier this year. The community has studio, one- and two-bedroom apartments ranging from 590 to 1,392 square feet. The amenity package includes an EV charging station, bike storage, a saltwater pool and a gym. Situated in Nashville’s Metrocenter submarket, the property is 3 miles northwest of the city center. Additionally, the asset is a short distance from Tennessee State University and Meharry Medical College.

In March, Westplan Investors received a $27.8 million financing package for a 236-unit residential project in Nashville. The company acquired the 5-acre development site for $7.2 million from Core Development Services.