Freeman Webb Company takes over 334 unit apartment complex, becomes second largest owner in Huntsville market
HUNTSVILLE – Since coming into the area in 2017, Freeman Webb Company, a real estate investment and management firm based in Nashville, has become the second largest operator in the Madison-Huntsville area with their acquisition of Gravity at 255 Apartment Homes from Lurin Capital. The 334-unit apartment complex is Freeman Webb’s seventh property in the area. The transition was facilitated by Craig Hey and Andrew Brown with Cushman & Wakefield.
The property, located at 1501 Old Monrovia Rd NW, was built in 2008 and is considered a “Class A” asset in excellent condition. Though some renovations were previously initiated, Freeman Webb says they will be enhancing the existing amenities to ensure the property remains competitive with the newer residential development in the immediate area. Renovations will include updated, modern interior finishes, an expansion of the fitness center, an expanded dog park and state of the art smart technology package allowing residents to access their unit and control the thermostat from their phone.
“We’ve had incredible success in the Huntsville market since first planting a flag in the community in 2017. The city is experiencing tremendous population and job growth that is fostered by a business-friendly climate and strong local leadership,” Freeman Webb’s Vice President of Acquisitions Matt Olson said. “We are excited about Gravity at 255 Apartment Homes given its fabulous location and the development in the immediate area.”
“We are happy to be the second largest operator in the market with this purchase of Gravity being our seventh property and almost 1,500 units under management in the Huntsville-Madison market,” Bob Freeman, Executive Vice President of Freeman Webb stated. “As a company we always strive to honor the communities in which we operate. Recently we were honored with the “2021 National Rehab Community of the Year” by the National Apartment Association and the “2021 Excellence Award for Value-Add Renovation” by Multi-Housing News for our renovation of Madison Landing at Research Park. Improvements for Gravity at 255 will be equally beautiful and residents will be proud to show off their newly renovated apartment homes.”
Gravity at 255 Apartment Homes is currently at 92% capacity and the forthcoming renovations is expected to increase the property’s appeal. When it comes to whether or not Freeman Webb will continue looking for opportunities to increase their presence in the Huntsville marketplace Olson says, “We are very bullish on Huntsville and actively looking to expand our presence in the community.”