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Jun. 12, 2013

Music Row Apartment Asset Sold for $15.6M

By Eliza Theiss, Associate Editor

It’s another big apartment sale for Nashville. Although it didn’t break Eleven North’s all-time record selling price, Note 16’s $181,000 per unit selling price has certainly made a splash in Music City’s oh-so-dynamic multifamily market. According to the Nashville Business Journal, Loma Linda, Calif.based LLU Tennessee Multifamily Properties acquired the property for $15.6 million from Stonehenge Investments, the property’s Atlanta-based developer. A Jones Lang LaSalle multifamily broker represented the seller. The apartment development, now fully leased, could be converted into condominiums in the near future.

Located at the corner of Horton and 16th Avenues, the 86-unit property sits in Nashville’s famous historic Music Row district, a hub of entertainment. Amenities at Note 16 include a 24-hour fitness center, business center, cyber clubroom featuring a coffee bar, landscaped courtyard complete with sundeck, fireplace, grilling area, water feature and resident lounge, as well as trash chutes and recycling area on every floor, designated pet walking area, controlled access building and parking deck and elevators. The pedestrian friendly community is within a short walk of numerous shops, restaurants and parks.

Note 16 is comprised of studio, one- and two-bedroom units, ranging between 488 and 1,211 square feet. Apartments feature open floor plans and nine-foot ceilings, faux hardwood floors, designer lighting and designer wood cabinets and are outfitted with black-on-black Energy Star appliances, built-in microwaves, full size washer/dryers and a high efficiency HVAC system.

Note 16 will be managed by Riverstone Residential Group.

For more info on Eleven North’s sale, click here

Image courtesy of Note 16’s Facebook page

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