Freeman Webb completes near quarter of a billion dollars in transactions in 2021
Freeman Webb, a Nashville-based real estate investment and property management company completed $250 million of transactions in 2021.
In the last year, the company has added 2,600 units to their $2.5 billion assets under management with new acquisitions and third-party management properties, according to Freeman Webb.
The company sold a 0.5-acre parcel of land for $5.6 million on Hayes Street in Midtown, where plans for a 30-story residential tower are being discussed.
When Freeman Webb purchased the lot over thirty years ago, they paid $180,000.
The firm is one of the largest owners and operators of apartments in Middle and East Tennessee, owning more than 16 million sq. ft. of multi-family, office and retail space throughout the Southeast and Midwest.
Founders Bill Freeman and Jimmy Webb began their business partnership in 1979, after they met at Nashville’s Junior Chamber of Commerce.
Other large transactions from the company this year include a sale of $38.2 million for a 280-unit community, Burning Tree Apartments in Hermitage, Tennessee and an apartment community in Madison, Tennessee that sold for $13 million — 12 times what the company originally paid for Dupont Avenue Apartments back at the turn of the century.
“It doesn’t matter if we hold a property for 30 years or for 18 months, we are committed to finding the best opportunities to maximize return for our investors and the best strategies that can increase the value of the properties we own or manage," said Bob Freeman, executive vice president of Freeman Webb, in a press statement.
One of the company's latest acquisitions is The Emerson Apartment in Bowling Green, Kentucky. The company plans to transform the property from student housing to upscale apartments, while adding 100 units.
Arcelia Martin covers growth and development for the Tennessean, a part of The USA TODAY Network. Reach Arcelia at amartin1@gannett.com. Follow her on Twitter @arcelitamartin.
This article originally appeared on Nashville Tennessean: Freeman Webb completes $250 million in transactions in 2021
