Jones Lang LaSalle Closes Sale of Nashville Community
- Feb 28, 2014
Nashville, Tenn.—Jones Lang LaSalle has closed the sale of West End Village, a newly built Nashville community, on behalf of The Residential Group and Edge Principal Advisers. LaSalle Investment Management picked up the 244-unit Class AA asset. JLL managing directors Derrick Bloom and Dave Gutting, as well as senior vice president Vincent Lefler, facilitated the sale.
The Nashville real estate market continues to soar, making the The Urban Land Institute list of rising market in its 2014 “Emerging Trends in Real Estate” report.
The community, located in Nashville’s West End submarket, is located near several major employment centers including five hospitals, two universities, and Nashville’s legendary Music Row.
“Investors were presented with the rare opportunity to secure a newly constructed core asset in a rising market,” Lefler says. “Job and, in turn, population growth are creating a significant increase in housing demand and West End Village is already more than 50 percent pre-leased, with an astonishing leasing rate of 50 plus per month.”
West End Village’s amenities package includes a clubhouse, cyber café, fitness center, gaming room and a resort style pool with a deck and grill area. Residences offer skyline views and feature high ceilings, granite countertops, European-style cabinetry and stainless steel appliances.