AGB Converts 3rd Hotel into Affordable Housing
AGB Real Estate has made a habit of buying run-down hotels and turning them into serviceable, affordable housing developments. The company bought the HomeTown Studios hotel at 1210 Murfreesboro Pike in Nashville for $9.5 million and plans to convert it into a 117-unit permanent supportive housing project.
The Nashville Business Journal reports that the project is expected to take less than six months to renovate and will welcome residents in September. AGB has completed two similar projects: Hermitage Studios, a 108-unit workforce and attainable housing development that opened in May 2023, and Wallace Studios, a 132-unit permanent supportive housing project that opened in April.
On its website, the company touts its agility, “By transforming underutilized assets such as hotels, motels, and senior living facilities, we can bring housing units to market in less than 12 months, more quickly meeting the surging demand for affordable housing.”
