Vista Germantown Sold for Record $53M
By Eliza Theiss, Associate Editor
Nashville’s apartment market is reaching for the stars, with two record-breaking sales inked just a few days apart. Following the recent $83 million sale of Wyndchase Aspen Grove, which broke the per-community price record (details here), the $53.25 million sale of Vista Germantown set a new record in the per-unit price category, reported the Nashville Post, as it was sold for a cool $220,041 per apartment. That’s $10,000 per unit more than previous record holder West End Nashville.
Vista Germantown Apartments LP, an affiliate of Canadian institutional investor Avison Young Inc., acquired the 242-unit community from Ohio-based Associated Estates Realty Corp. affiliate AERC Bristol Germantown JV. The latter co-developed Vista Germantown with Franklin-based Bristol Development Group, an entity that sold its ownership in 2010 for over $6.7 million. California-headquartered Hancock Real Estate Strategies and Nashville-based The Kirkland Co. marketed the property on behalf of AERC.
As previously reported, Vista Germantown was expected to be a record-breaking deal if it sold before 331-unit Elliston 23, another high-profile Nashville apartment project on the market. Elliston 23 is expected to be bought at a per-unit price in the high $200,000s.
Opened in 2012 and developed at a $32 million cost, the Vista Germantown luxury apartment complex is located in Nashville’s historic Germantown district. It features 242 one- or two-bedroom units, each with uniquely designed floor plans and amenities such as stainless steel appliances, oversized closets and granite kitchen counters. Community amenities include a five-story parking deck, resort-style saltwater pool, 24-hour fitness center, bike storage areas, electric car charging stations, grilling are and firepit.
Image via the Vista Germantown Facebook pageTags: Acquisitions/Dispositions, AERC Bristol Germantown JV, Architecture/Design, Associated Estates Realty Corp., Avison Young Inc., Bristol Development Group, Brokers, Condo, Co-op, HOA, Developers, Development, electric car charging stations, Elliston 23, Finance/Investment, Financiers, Germantown, Green, Hancock Real Estate Strategies, Investors, Local, luxury, luxury apartments, Nashville, Nashville apartment market, Nashville Lead Story, National, Owners, per-community record, per-unit record, record-setting sale, Regional, saltwater pool, The Kirkland Co., Vista Germantown, Vista Germantown Apartments LP, West End Nashville, Wyndchase Aspen Grove