LaSalle Investment Management Buys West End Village for $51M
By Eliza Theiss, Associate Editor
The recently completed 244-unit West End Village, a high-density luxury apartment community in Nashville’s West End has been sold for $51.25 million, or $210,000 per unit, reports the Nashville Business Journal. Chicago-based buyer LaSalle Investment Management Inc. acquired the newly finished asset from Atlanta-based developer The Residential Group LLC, which put the property up for sale late in the summer of 2013. The sale price seems to have brought a good profit for The Residential Group, as West End Village construction permits valued the development at $32.8 million. The property was marketed by Jones Lang LaSalle, according to a previous Nashville Business Journal report.
Located at 221 31st Avenue near the intersection of 31st Avenue and Long Boulevard, West End Village is comprised of two structures—one three-story and one five-story—featuring studio, one- and two-bedroom apartments. Units range between 517 square feet and 1,369 square feet and rent at rates between $1,265 and $2,572 per month. Residences come outfitted with washer and dryer, stainless-faced appliances, granite countertops, European style cabinets with modern hardware and nine- to ten-foot ceilings. Community amenities include gated, covered parking, bike storage, additional storage, high-tech conference center, state of the art fitness facility, outdoor pool with lounge area, grill area clubroom complete with coffee bar and cyber café, gaming room featuring a dry bar, private screening room with flat screen TVs and card room. Sustainable features include Energy Star appliances and light fixtures, high-performance windows and insulation, low VOC-emitting paints, carpets and sealants.
The community is in close proximity to Vanderbilt University, HCA, Country Music Hall of Fame, Second Avenue, the historic Ryman Auditorium, the 132-acre Centennial Park, five hospitals, fashionable restaurants and shopping.
West End Village was developed by a partnership comprised of The Residential Group, PPD Holdings, EDGE Principal Advisors and BBVA Compass Bank.
Image courtesy of West End Village via FacebookTags: Acquisitions/Dispositions, Architecture/Design, BBVA Compass Bank, bike storage, Brokers, co-op, condo, Country Music Hall of Fame, Developers, Development, EDGE Principal Advisors, Energy Star appliances, Finance/Investment, Financiers, Green, high-density apartment project, HOA, Investors, Jones Lang LaSalle, LaSalle Investment Management Inc., Local, luxury, Luxury Apartment Complex, Luxury apartment sale, Nashville, Nashville Lead Story, Nashville luxury apartment market, Nashville luxury multifamily project, National, Owners, PPD Holdings, Regional, Ryman Auditorium, sustainable features, The Residential Group LLC, West End submarket, West End Village