Joint Venture Sells Dwell at McEwen for $81.1M

t’s been another great year for the Nashville real estate industry, particularly for the apartment market. New projects abounded and sales shattered records yet again. In fact, Nashville apartment asset sales surpassed the $1 billion mark, shattering the previous sales record of $744 million set in 2013

Dwell at McEwen

Nashville apartment asset sales surpassed the $1 billion mark in 2014, shattering the previous sales record of $744 million set in 2013, reported The Tennessean.

Sales heated up in the last days of 2014, with the disposition of one of metro Nashville’s most high-profile apartment properties: Dwell at McEwen in the city’s Cool Springs submarket located in Franklin, TN.

Dwell at McEwen, a 370-unit luxury apartment community, was sold by its developers, a joint venture formed by Amstar and Southern Land Company. The sellers did not disclose buyer or sale price, but the Nashville Post identified the new owner as Dallas-based Crow Holdings. The same source reported the sale price as $81.1 million, or $219,189 per unit, falling below Southern Land’s record-breaking sale of Elliston 23 a few months ago, but still landing among 2014’s top transactions. Elliston 23 broke all Nashville records, fetching the all-time high per asset price of $95.1 million and the per-unit record price of $287,300, as previously reported.

Dwell at McEwen

Developed in two phases by Amstar and Southern Land, Dwell at McEwen opened the 258-unit phase one in 2008 and the 112-unit phase two earlier in 2014. Community amenities include a resort-style saltwater pool, outdoor fire pit, two state-of-the-art fitness centers, private gardens and elevator access. Dwell is located within the McEwen master-planned community, a 90-acre project that also includes a 175,000-square-foot office building and a Whole Foods-anchored shopping center.HFF’s Jason Nettles represented the seller.

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Image credits: Dwell at McEwen via Facebook