Jones Lang LaSalle Closes $58.75M Sale of Nashville Property
- Nov 30, 2012
Nashville, Tenn.—On behalf of Tribridge/Stonehenge Investment and The Carlyle Group, Jones Lang LaSalle’s Capital Markets experts announced that the firm has closed the sale of Eleven North—a rare Class AA, institutionally owned apartment complex for $58.75 million in Nashville. The luxury apartment community is located in The Gulch, one of Nashville’s fastest growing “Live, Work, Play” communities. Mesirow Financial purchased the four-story, 302-unit luxury asset for roughly $195,000 per unit.
Senior Vice President Vince Lefler, along with Managing Directors Derrick Bloom and David Gutting, led the Jones Lang LaSalle team on this transaction.
“Eleven North’s high-profile, infill location offered investors the rare opportunity to acquire a new, modern luxury property in a high-demand area. This was a once-in-a-decade opportunity, as only one such property has sold over the past 10 years,” said Bloom. “In addition, Nashville’s strong economic growth and vibrant entertainment districts added to the strong investor interest for this tremendous asset.”
Added Gutting, “Eleven North has seen a 10 percent rent growth since first signing leases in mid-February—equating to greater than 30 percent annual rent growth—and a record lease-up schedule, averaging more than 50 leases per month during the first six months of leasing alone. It is truly one of the area’s most in-demand residential addresses.”
Eleven North boasts a best-in-class amenity package, including a saltwater resort-style pool with adjoining spa, outdoor grilling area with a fire pit and cabana tents, state-of-the-art fitness center, rooftop lounge with viewing terrace and billiards, lounge with flat screen TVs and karaoke system, chef’s kitchen, cyber café, tanning bed, bike racks, electric car charging stations, and a pet park.
Individual apartments feature granite countertops, satin nickel finishes, black EnergyStar kitchen appliances, full-size washer and dryer, pre-wiring for surround sound, ceramic tile, faux hardwood flooring and a garden-sized tub. It is located between Church and Charlotte streets directly across from Northwestern Mutual’s new 35-acre Lifestyle Center to include such retail as Target, Ikea and Publix. PNC bank was the construction lender on the development.
The Gulch is located in the heart of approximately 100,000 jobs, largely dominated by the medical and entertainment industry and Vanderbilt University. It is a leading-edge neighborhood defined as the first LEED-certified community in the Southeast. It is also a premier designation for entertainment with its trendy restaurants, music venues and rich culture of country music.
HFF arranges sale of and financing for 1,447-unit Camden portfolio
St. Louis, Mo.—HFF announced that it has closed the sale of a four-property, 1,447-unit multi-housing portfolio in St. Louis, Mo. Concurrently, HFF arranged acquisition financing on behalf of the buyer.
HFF marketed the portfolio on behalf of DRA Advisors LLC and Camden Property Trust. L3C Capital Partners LLC purchased the four assets and engaged the HFF debt team to arrange a Freddie Mac CME financing on the portfolio.
The portfolio is comprised of four properties all operating under the Camden name. The assets are: the 420-unit Camden Cedar Lakes in Lake St. Louis, Mo.; the 276-unit Camden Cove West; the 591-unit Camden Cross Creek; and the 160-unit Camden Westchase. The latter three are located in Creve Coeur, Mo.
The HFF investment sales team representing the sellers was led by Executive Managing Director Matthew Lawton and Managing Directors Sean Fogarty and Marty O’Connell. The HFF debt team was led by Managing Director Matt Schoenfeldt.
“These four communities have been institutionally owned and managed and include excellent value-add opportunities for the new ownership group,” said Lawton.
Added Fogarty, “Three of the four communities are located in the enviable Creve Coeur submarket, and all have consistently demonstrated strong occupancies and returns.”