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Capstone Apartment Partners has closed the $7.5 million and $6.5 million sales of former hotels in Nashville, TN to be converted into apartments.

Capstone Sees Emerging Asset Class in Two Nashville Hotel-to-Apartment Transactions

Charlotte, NC-based Capstone Apartment Partners has closed the separate sales of two Nashville, TN hotels for conversion into residential communities.

The Days Inn in Nashville’s Cumberland Heights neighborhood closed for $7.5 million and will be converted into 109 studio apartment units. Adam Klenk, Jordan Arand and Austin Heithcock of Capstone sold the asset on behalf of Shreya Investment LLC and procured the buyer, BAMI LLC.

The Rodeway Inn in the Nashville submarket of Hermitage closed for $6.5 million and will be converted into 108 studio apartment units. Klenk, Heithcock and Arand sold the asset on behalf of Jai Ganesha and procured the buyer, Adam Rosenberg & Aryn Spahr.

According to Capstone, hotel-to-studio apartment conversion projects are an emerging asset class that provide attractive housing options for renters in cities, such as Nashville, that have experienced tremendous rent growth over the last 12-24 months.

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Capstone Apartment Partners

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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