The project will be located in the southern part of the Nashville metropolitan area in the city of Hermitage. Situated on Bell Road adjacent to Interstate 40, the complex will consist of six three- and four-story garden style buildings filled with two- and three-bedroom apartments ranging in size from 989 sf to 1,150 sf. All units are targeted toward families earning 60% or less of the area's median income, with rents expected to start at $670 per month.
Unit amenities will include a balcony or patio, dishwasher, frost-free refrigerator, garbage disposal, stove and central air-conditioning. Common amenities will include a clubhouse with kitchen facilities, swimming pool, volleyball and basketball courts, barbeque/picnic area and a playground.
New York-based CharterMac and its subsidiary Related Capital provided the financing. Related Capital provided $3 million in equity for tax credits generated by the Alta Lakes complex and CharterMac provided $9.4 million in debt financing through the purchase of tax-exempt bonds generated by the development.
Nashville is home to the headquarters of CNA Insurance, Firestone, Cracker Barrel, HCA, Dollar General and Genesco. The city ranks among the 15 best cities for work and family according to Fortune Magazine and is one of the top 25 cities in the nation in terms of expected job growth according to Forbes.
Murphy Development has developed about 1,300 units at 14 sites throughout Tennessee. The company's affiliate, Tennessee Housing Management LLC currently manages more than 750 units statewide.
"Alta Lake Apartments will offer residents the convenience of being close to downtown Nashville, but in a suburban community that offers a wealth of recreational opportunities as well," says Paul Murphy, co-managing member of Murphy Development and a board member of the Tennessee Affordable Housing Coalition.
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