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May. 7, 2014

$95M Sale of Elliston 23 Breaks All Records in Nashville Apartment Market

By Eliza Theiss, Associate Editor

Franklin, TN-based Southern Land Company has announced the sale of Elliston 23 Apartments to Dayton, OH-based The Connor Group for $95.1 million. The sale broke several records—it’s the highest price paid for one apartment community by The Connor Group, the highest price paid for one apartment community in the Nashville market, and the highest price per-unit sale in the state of Tennessee. At over $287,000 per unit, it surpassed previous record holder Vista Germantown by over $65,000 per unit.

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The Silver LEED-certified mixed-use development in the Elliston Place block of Nashville was owned by 2300 Elliston Place LLC, a joint venture comprised of Southern Land Company and institutional investors advised by J.P. Morgan Asset Management. The property was originally listed on the market in mid-February and garnered significant interest prior to the final offer. Southern Land served as developer, architect, general contractor and property manager for Elliston 23, which had a price tag of $60 million.

Completed in late 2013, Elliston 23 features 331 luxury residential units and 15,000-square feet of commercial space. The community offers 20 different one- and two-bedroom floor plans ranging between 554 and 1,363 square feet. At an average rental rate of $2.20 per square-foot, rents range between $1,300 and $3,000. At the time of closing, E23 boasted a 75 percent occupancy and 82 percent leasing rate for an averaged lease-up speed of over 30 units per month.

Amenities at the luxury community include a 2,000-square-foot heated saltwater pool (Nashville’s largest), 1,000-square-foot fitness center, six-floor parking garage, dog park, game room, two landscaped courtyards, grilling stations, controlled access and a resident lounge which hosts the live tweeting parties of the cast of hit TV series Nashville, Southern Land told MHN.  Other neat facts MHN found out? Elliston 23 is the only Nashville property with exposed concrete ceiling and walls and the benches in front of the property are made out of repurposed stone. Due to Southern Land CEO Tim Downey’s wishes to preserve some of the history of the Father Ryan High School, which occupied E23’s site between 1928 and 1991, the stone was sourced from the previous structure. E23 boasts a walk score of 92.

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The 15,000-square-foot street-level retail component is also fully leased to local and national retailers such as Dunkin Donuts, Massage Envy, Jamba Juice, Fresh To Order, Nama Sushi Bar, Juel Salon and Dailey Method (barre), some of which established their first Tennessee locations at E23.

Sitting on three acres of some of the most desirable land in Nashville, the six-story luxury apartment is located at the center of the “eds and meds” job base afforded by three major hospitals (Vanderbilt Medical Center, Centennial Hospital and Baptist Hospital) and Vanderbilt University campus. Also within walking distance are the 132-acre Centennial Park, the Centennial Sportsplex and the dynamic West End Avenue commercial corridor with its myriad dining, shopping and entertainment venues.

The purchase of Elliston 23 is The Connor Group’s second foray in the Nashville market, after the $60.5 million purchase of Ashton Brook in 2013.

The “Day in the life” promo video of E23, created by Southern Land Marketing Manager of Multifamily Operations Morgan Porter and Glenn Sweitzer of Fresh-Design, received a 2014 Telly award.

Click here to read the MHN interview with Southern Lands’ VP of mixed-use development Michael McNally

Images courtesy of Southern Land Company

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