New Offering: In-Place 10+ Cap | Low-Basis Workforce Housing Redevelopment Opportunity | Nashville, TN

Download Offering Materials: 24Harding Motel Conversion Opportunity

Capstone Apartment Partners is pleased to present the 24Harding Motel Conversion Opportunity, a hotel redevelopment opportunity located in Nashville, Tennessee. Currently operated as a 124-key independent hotel, the asset presents an exceedingly rare opportunity to reposition the existing property into a rental apartment community. The lower construction and redevelopment costs allow developers to provide attainable housing without incurring the expenses that exist with ground-up construction, while potentially benefiting from assistance provided by the Metro Government of Nashville, who have demonstrated heavy interest in providing much needed attainable living options. In fact, this property currently has a government contract that is renewed annually, and revenue from the contract is based on room occupancy.  The incredible accessibility to the employment nodes of downtown Nashville and the Southeast submarket, in addition to the strength of the surrounding multi-family fundamentals, make the asset an appealing investment opportunity.

Investment Highlights
Rare Apartment Redevelopment Opportunity
Nashville’s Desire for Affordable Housing
Existing Government Lease
Unbeatable Accessibility

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