Newmark negotiated the $86.6 million sale of Alta Foundry, a 231-unit, newly constructed multifamily community at 640 21st Ave. North in the heart of Nashville, Tennessee’s Midtown neighborhood.
Newmark executive managing directors Tarek El Gammal and Vincent Lefler represented the seller, Wood Partners, which is locally led by managing director Andrew Steffens.
Wood Partners is a national development, acquisitions and property management company. The buyer, HHHunt, is a Southeast real estate developer specializing in apartment living, new home construction and master-planned communities. Recently, Newmark also represented Wood Partners in the sale of Alta Union.
The Class-AA wrap community’s amenities include a rooftop sky lounge, a resort-style saltwater pool, covered outdoor entertainment and a gaming lawn. The luxury units feature two-toned shaker-style cabinetry, matte black hardware and quartz countertops. The property was in lease-up at the time of the sale and was 75% occupied at closing.
