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December 4, 2012

Eleven North Fetches Record Sum; New Hotel Planned for Gulch Area

By Eliza Theiss, Associate Editor

If we needed any more proof of how dynamic the Nashville multifamily market is, we just got it with the announcement of Eleven North’s record-setting sale price. According to a Nashville Business Journal report, Chicago-based Mesirow Financial recently shelled out $58.7 million on the 302-unit luxury apartment development. That’s $195,000 per unit, significantly higher than the previous record holder, the Velocity in The Gulch project that sold for $170,000 per unit. However, Velocity continues to reign in the highest price per square-foot category, according to The Tennessean.

Located at Charlotte and 11th Ave. North, in the posh Gulch neighborhood, Eleven North was developed by Georgia-based TriBridge Residential LLC and Stonehenge DCM at the former Polar Icehouse Storage property. It received its construction permit in September 2011 and went on the market in July 2012, before finishing construction. Eleven North, which recently opened with 90 percent of apartments leased, features one-, two- and three-bedroom luxury units. Apartments range between 710 square feet and 877 square feet and amenities include a pool, fitness center, rooftop lounge, open-air kitchen.

Jones Lang LaSalle’s Vincent Lefler was the listed broker for the transaction.

In other news, The Nashville Business Journal reported that Metro Nashville has issued the necessary permit to demolish a defunct adult video store in the Gulch. Worth $38,000, the demolition will clear the way for a hotel to be developed by Chattanooga, TN-based Vision Hospitality Group. According to the developer’s website, the hotel will be a Fairfield Inn & Suites that is expected to open fall 2013.

Fairfield Inn & Suites properties usually feature a fitness center, swimming pool, business center, complimentary Wi-Fi and high speed Internet, large cable TV sets, complimentary breakfast, coffee, tea and newspaper, free parking, same-day dry-cleaning and laundry facilities, among other amenities.

Other Vision Hospitality Nashville area hotels include the Nashville Airport Hyatt Place, the La Quinta Inn and Suites in Smyrna and the Cool Springs Hilton Garden Inn.

Click here for more Nashville market data

Photo credit: Eleven North’s Facebook page

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