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Jan. 24, 2014

Luxury Apartments Headed for Record-Breaking Sales, $50M Westmont Apartments Set to Break Ground

By Eliza Theiss, Associate Editor

Vista Germantown

Following the recent $51.25 million sale of the 244-unit West End Village, it looks like record-breaking is in the air for Nashville’s apartment market. According to the Nashville Business Journal, the 331-unit Elliston 23 and the 242-unit Vista Germantown luxury apartment developments have been put on the market and are expected to surpass West End Village’s $210,000 per unit sale price. In fact, Elliston 23’s per-unit is speculated to hit the high $200,000s.

According to the Nashville Business Journal, Ohio-based Associated Estates Realty Corp.’s Vista Germantown had a $32 million development price tag when it opened in early 2012. The high-end community at 515 Madison Street comprises one- and two-bedroom apartments between 603 and 1,165 square feet, renting at monthly rates ranging between $1,205 and $2,645. Community amenities include state-of-the-art fitness center, club area with game-room, kitchen and lounge, salt water pool, grilling areas, outdoor firepit and TV area, three courtyards, garage parking and a high-end restaurant. Green features include electric car charging stations, a bike storage area and onsite recycling center.

Elliston 23

Southern Land’s Elliston 23, located at 2312 Elliston Place, comprises studio, one- and two-bedroom apartments between 554 and 1,363 square feet, with rents starting at $1,220 and exceeding $2,800. Community amenities include a 2,000-square-foot heated saltwater pool, grilling stations, outdoor cabanas with flat screen TVs, 24-hour fitness center, 24-hour conference room, 24-hour Wi-Fi Café , game room, controlled access building and parking, landscaped courtyard and concierge services. The LEED Silver registered community also boasts 15,000 square feet of street-level retail with tenants including a spa, fitness studio, salon and several eateries.

Elliston 23’s West End neighborhood will soon become one apartment community richer with the 320-unit Westmont Apartments project set to be developed in four phases by Texas-based Forestar Group, reported the Nashville Business Journal. The company recently filed permits just short of $50 million. Set to break ground in early 2014 on the site of a recently demolished apartment complex, the project will comprise two five-story and two four-story buildings as well as a six-story 414-car parking garage.

Images courtesy of Vista Germantown and Elliston 23 via Facebook

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