Source: Southern Land Company / #Apartments #Multifamily
NASHVILLE, TN - Southern Land Company and The Connor Group have finalized the sale of the popular Elliston 23 Apartments, located in Nashville, TN. Both parties agreed to terms of $95.1 million or just over $287,000/unit. This shatters the record for the highest price per unit for a multifamily development in the state of Tennessee by more than $60,000/unit.
“We are pleased with the success of this project and excited to be selling to The Connor Group. Elliston 23 is a great long term asset to own but the timing is right,” said Tim Downey, CEO of Southern Land Company.
Southern Land Company owned Elliston 23 in a joint venture with institutional investors advised by J.P. Morgan Asset Management.
The Silver LEED certified mixed-use community gained a lot of attention early in the development phase when several national retailers scooped up the prime location. “Elliston 23’s success can be attributed to exceptional design, superior construction quality and ideal location delivering in one of the hottest apartment markets in the country. All of these elements came together at the right time to produce a record setting asset and one we are very proud of to say the least,” said Michael McNally, Vice President with Southern Land Company.
Elliston 23 offers a truly unique industrial style housing option in the market with exposed concrete ceilings complimented with luxurious interiors like hardwood inspired wood plank flooring, granite countertops, stainless steel appliances and exceptional amenities. The development completed construction in late 2013 with 331 residential units and 15,000 sq. ft. of commercial retail.
Southern Land Company served as the developer, architect, general contractor, and property management on this project. They worked collaboratively with CBRE in the marketing and selling of Elliston 23. Originally listed on the market mid-February, the development received a lot of interest before the final offer was negotiated.