Mesirow Financial Acquires 302-Unit Nashville M-F Complex for $59M
- Nov 30, 2012
By Keith Loria, Contributing Writer
Mesirow Financial, a Chicago-based property investment firm, purchased Eleven North, a Class AA, institutionally owned multi-family complex in Nashville, Tenn., for $58.7 million.
The 302-unit luxury apartment complex is located at 210 11th Ave. N., in the area known as The Gulch, one of Nashville’s fastest growing “Live, Work, Play” communities.
At $195,000 per unit, the sale marks a record high price per unit in the submarket.
Jones Lang LaSalle’s senior vice president Vincent Lefler and managing directors Derrick Bloom, and David Gutting represented the sellers, Tribridge/Stonehenge Investment and The Carlyle Group.
“Eleven North’s high-profile, infill location offered investors the rare opportunity to acquire a new, modern luxury property in a high-demand area,” Bloom said. “This was a once-in-a-decade opportunity as only one such property has sold over the past 10 years. In addition, Nashville’s strong economic growth and vibrant entertainment districts added to the strong investor interest for this tremendous asset.”
The four-story multi-family building is a newly developed housing property and opened with 95 percent of its units pre-leased. The multi-family has seen a 10 percent rent growth since first signing leases in mid February, equating to greater than 30 percent annual rent growth.
Eleven North units 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 garden-sized tub.
Community amenities include a saltwater resort-style pool with adjoining spa; outdoor grilling area with fire pit with 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.
The complex is located between Church and Charlotte streets, directly across from Northwestern Mutual’s new 35-acre Lifestyle Center, which will include Target, Ikea and Publix.
The Gulch is considered a leading-edge neighborhood defined as the first LEED certified community in the Southeast. It is located in the heart of approximately 100,000 jobs, largely dominated by the medical and entertainment industry and Vanderbilt University.