Joint Venture Sells Dwell at McEwen for $81.1M
- Jan 06, 2015
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.
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