Affordable Housing Financed in Music City

NASHVILLE, TN-Murphy Development, a Knoxville, TN-based multifamily developer has secured $12.4 million in debt and equity financing for a new 156-unit affordable housing development here called Alta Lake Apartments.

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.