Deal Dash: Local developer pays $9.5M for motel, plans conversion
By Sophia Young – Reporter, Nashville Business Journal. May 24, 2024. (Click Here)
Welcome back to Deal Dash, our weekly news roundup highlighting some of the commercial real estate dealmaking across Greater Nashville. We aim to showcase a cross-section of recent property sales, proposed developments, construction loans, leases, and other activities.
Nashville-based AGB Real Estate, led by Adam Rosenberg, bought another dilapidated motel to convert into an affordable housing development. Rosenberg paid $9.5 million for a HomeTown Studio motel, located at 1210 Murfreesboro Pike, according to Metro records. The previous owner paid $2.8 million for the 2.9-acre site in 2015, according to Metro records. The firm is planning a 117-unit permanent supportive housing project. "We're thrilled about our Murfreesboro development, which further demonstrates AGB Real Estate's unwavering commitment to rapidly developing high-quality permanent supported affordable housing throughout Davidson County,” Rosenberg told the Business Journal. The project is expected to take less than six months to renovate and will welcome residents in September. Rosenberg has completed two similar projects — Hermitage Studios, a 108-unit workforce and attainable housing development which opened in May 2023, and Wallace Studios, a 132-unit permanent supportive housing project which opened in April.
Franklin Road Academy broke ground on its newest campus addition. The private school is starting construction on its new upper school building and central campus green in the middle of its campus, according to a news release. The two-level, 32,000- square-foot building will feature ten humanities classrooms, a center for entrepreneurial leadership, a broadcast journalism studio and classroom, a counseling center and faculty offices. The new building and campus green are expected to open in August 2025.
Midtown’s newest hotel is nearing completion. Nashville-based SiLa Developments and Triumph Hospitality have topped off a Holiday Inn Express hotel on Elliston Place. The two firms have been planning the eight-story, 184-room hotel since 2019 and started construction last year. A business entity affiliated with SiLa Developments.