AND Asset Management has acquired a nearly fully-occupied community in Nashville, Tenn. Broadstone SoBro, which was completed late last year, was purchased for $78.5 million. The seller was Alliance Residential Co., according to Yardi Matrix data.
Alliance Residential secured a more than $40 million construction loan provided by Santander Bank for the project. CBRE’s Brett Carr, David Smithwick and Shea Campbell represented the seller in the transaction.
Alliance opened Broadstone SoBro in October 2022, offering 226 studio and one- and two-bedroom units averaging 780 square feet. The units were built with kitchen islands, wine refrigerators, stainless steel appliances, soaking tubs, quartz countertops, USB outlets, electric entry locks and washers and dryers. The community’s amenities include a sky lounge, saltwater pool, fireplace, fitness center, package concierge system, private offices and coworking space. The residential units are located on the top five floors of the eight-story Broadstone SoBro, while the first three floors are home to the community’s parking structure.
Located at 800 4th Ave. S in Nashville’s SoBro neighborhood, the community is a short commute away from popular downtown offerings like the Ascend Amphitheater, Ryman Auditorium and the Country Music Hall of Fame and Museum. Residents will also have quick and easy access to area colleges, including Vanderbilt University, and major employers.
According to CBRE, the community was more than 90 percent occupied at the time of sale. Carr, vice president of investment sales at CBRE, said in prepared remarks that Broadstone SoBro was leased up quickly, which he attributed to the pent-up demand for luxury product in the market.
From luxury to workforce
Founded in 2000, Alliance has built or acquired more than 115,000 units, starting with its Broadstone luxury brand. The company has expanded into the senior housing sector with its Holden Senior Living brand and into the workforce housing market with its Prose brand.
Alliance had previously sold off Broadstone Stockyard, a 342-unit community and Broadstone Gulch, a 238-unit community, both of which are in the Nashville metro. More recently, the company has been growing its workforce housing presence, notably in the Georgia market where it acquired land to develop a 340-unit community in Columbus, Ga.
