Nashville Community Sells for $80M
- Dec 12, 2018
Crescent Communities has sold Infinity Music Row, a 275-unit luxury multifamily asset in Nashville, Tenn., for $79.2 million. The property sold via two separate transactions. iStar paid $26.5 million for the 2.1-acre parcel of land, and the Dinerstein Cos. purchased the community’s single five- and six-story building for $52.7 million, according to Davidson County records.
As part of the deal, iStar entered into a 99-year ground lease agreement with Dinerstein, with annual payments set at $1.1 million. Heitman provided Dinerstein with $39.8 million in acquisition financing.
Located at 1221 Division St. in Nashville’s Midtown/Music Row submarket, the community is situated alongside Interstate 65, about 1 mile from downtown. A short walk from the Demonbreun Street retail corridor, the asset is also within a mile of Vanderbilt University’s campus.
Opened in November 2017, the property—initially known as Novel Music Row—contains a mix of studio, one- and two-bedroom apartments along with a select number of three- and four-bedroom penthouses. Floorplans range from 505 to 3,483 square feet. As of October, the community was 92 percent occupied, per Yardi Matrix data. On-site amenities include:
- swimming pool
- fitness center
- rooftop terrace
- dog park and spa
- flexible work spaces
In October, Crescent Communities completed construction of an Atlanta luxury asset. The development was funded with $45 million of financing from KeyBank.
Images courtesy of Yardi Matrix