ATLANTA, GA – HFF announced today that it closed the sale of Velocity in the Gulch, a 238-unit, luxury urban mid-rise multi-housing community in Nashville’s Gulch neighborhood.
HFF closed the transaction on behalf of the seller, a joint venture between a predecessor company run by David Levin and a Chicago-based fund manager. Nicol Investment Company purchased the asset for $54.3 million.
Velocity in the Gulch is located at the corner of 320 11th Avenue South and Pine Street, the most sought-after corner in Nashville’s Gulch neighborhood. This neighborhood is the Southeast’s first LEED Silver neighborhood and the primary commercial corridor for one of America’s fastest-growing cities. Completed in 2009 as a condominium and subsequently converted to for-lease multi-housing, the property features 18 different floor plans with market-leading condominium appointments. Community amenities include a sky lounge with outdoor fireplace, state-of-the-art fitness center, European-style courtyard with fountain and fire pit, spacious clubroom with coffee bar, and bicycle racks.
The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.
“This transaction represents the acquisition of a well-performing, stabilized asset that merges urban infill design and millennial appeal. Velocity is poised to benefit tremendously from more than $500 million in ongoing and future investment in the Gulch neighborhood, including nearly 500,000 square feet of Class A office space, a 224-room Thompson boutique luxury hotel and the Sobro-Gulch Pedestrian Bridge. With this acquisition, Nicol Investment Company is positioned to capitalize on this tremendous growth and demonstrated success of the Gulch neighborhood and Nashville,” said Nettles.
David Levin, formerly of Levin Realty Advisors, and partner Marc Swerdlow recently launched Magellan Investment Partners LLC in partnership with Magellan Development Group out of Chicago. The entity is an acquirer and value-add specialist within the multifamily rental industry focusing on asset purchases in Nashville, Chicago, Minneapolis, South and Central Florida, Denver and Texas.
Nicol Investment Company is privately owned and based in Nashville.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.