Berkshire Buys Apartments in Music Row
- Nov 09, 2015
A 153-unit, Class A apartment community in Nashville was recently acquired by Berkshire Group, a Boston-based real estate investment management company.
The property, known as Artisan on 18th, was developed and sold by Stonehenge Real Estate Group, who partnered with an equity syndicate including private investors and New York-based Bluerock Real Estate.
The community is located at 819 18th Ave S. in the Music Row neighborhood. Residents here have easy access to an array of retail, dining and entertainment venues, as well as the Vanderbilt University, the medical district, the State House, Convention Center, Bridgestone Arena and Honky Tonk Row in downtown Nashville.
Artisan on 18th is a newly constructed apartment complex consisting of a single five-story wood frame building with subterranean parking. Amenities include two outdoor courtyards with a water feature, grills, fire pits and an outdoor television, a resident lounge, business center, television room, fitness center, bike storage and mail room.
“The acquisition of Artisan demonstrates Berkshire’s investment philosophy, focusing on newly constructed properties in targeted submarkets with favorable growth prospects and strong underlying fundamentals. Artisan is located within a micro location of major healthcare, education, music, technology and government employers, providing a key competitive advantage,” Eric Draeger, managing director & head of transactions at Berkshire Group, said in a prepared statement. “Nashville is forecasted to experience solid population and employment growth over the coming years, with an influx of young, well-educated professionals providing solid employment opportunities.”
The Artisan on 18th marks the second Nashville property in Berkshire’s portfolio, joining Wyndchase at Aspen Grove in Franklin.