Nonprofit pays $18.9M for residential building
I Am Next will use ex-motel to provide housing for youth aging out of foster care
Nashville Post. William Williams Feb 5, 2025. Nonprofit pays $18.9M for residential building | Development | nashvillepost.com
AGB Real Estate, 2024
About nine months after paying $9.5 million for a South Davidson County motel building planned for reinvention with studio apartment units, the owners have sold to a nonprofit for $18.9 million.
The new owner is Greenview Studios LLC, an entity affiliated with Nashville-based I Am Next. Led by Executive Director Nathan Harmening, the nonprofit provides housing for youth aging out of foster care.
The seller was 1210 Nashville Studios LLC, which includes local developer Adam Rosenberg. Rosenberg told the Post the property was in a distressed state (thus distorting its value) when purchased in May 2024.
The three-story structure offers an address of 1210 Murfreesboro Pike. A HomeTown Studios motel operated from the structure prior to the 2024 sale.
The ownership team later undertook a major renovation of the 120-unit building. Rosenberg said the ownership team spent “several million” on the rehab, with the apartment units (each offering about 240 square feet) to have been classified as permanent supportive housing for residents using state and federal vouchers.
After acquiring the property, 1210 Nashville Studios LLC was approached by I Am Next, which later secured $7.5 million in funding from Metro’s Barnes Fund to facilitate the purchase.
Rosenberg said given "the alignment" between I Am Next’s mission and the property’s long-term usage, the ownership group decided to sell the property to an organization that is "deeply committed to serving the community" instead of operating the originally planned permanent supportive housing facility.
Harmening has landed a loan valued at $13.5 million from Truxton Trust, according to a separate document.
This is the latest transaction for Rosenberg. In August 2023, he and multiple business partners paid $10 million for a similar South Nashville property. That building, formerly an Americas Best Value Inn Nashville and located at 97 Wallace Road near Interstate 24, now is called Wallace Studios. The apartments opened a few weeks ago and are rented to residents supported by multiple state and federal voucher programs.
The 2023 deal came approximately one year after Rosenberg's group acquired a former Hermitage budget hotel and converted it into an apartment building with studio units and called Hermitage Studios.