NASHVILLE, TN—Capstone Apartment Partners announces the joint venture sale of 83 Freight: the country’s largest multi-family shipping container development. The development is located in Nashville’s hip Wedgewood-Houston neighborhood and less than 3.5 miles from downtown.
Once an industrial area, Wedgewood-Houston is now experiencing a wave of revitalization. In recent years, factories and warehouses have been converted to retail, dining, coworking space, and night life venues. The neighborhood is bolstered by the massive mixed-use fairgrounds redevelopment project. Earlier this year, demolition at the site began to make way for an MLS stadium which will be the future home of Nashville Soccer Club. The stadium will be the largest purpose-built soccer arena in North America. The venue will seat 27,500 fans and is expected to be completed in 2022.
Capstone’s Adam Klenk, Jonathan Hawks, Tyler Mayo, and Austin Heithcock sold the property on behalf of FMBC Investments. New ownership was able to capture Opportunity Zone tax savings by transacting prior to certificate of occupancy issuance.
While considered relatively uncommon in the United States, shipping container construction has been utilized in numerous urban-core settings around the globe in the past decade in an effort to alleviate construction costs and environmental impact. They have experienced success due to heightened resident interest in the construction and the distinct architecture these small floorplans provide. Nashville’s own oneC1TY development in Midtown utilized shipping containers for retail and fitness space and saw strong tenant demand from local business allured by the uniqueness.
83 Freight is expected to be completed later this summer and will offer 83 studio, one-bedroom and two-bedroom apartment homes. The units will range from 320–1280 square feet and select units will feature rooftop balconies with panoramic views of the Nashville skyline and surrounding areas.