Deal Dash: Metrocenter apartment sale fetches near-record price
Martin B. Cherry and Meg Wrather | Nashville Business Journal
Welcome back to Deal Dash, our weekly news roundup highlighting some of the commercial real estate dealmaking across Greater Nashville. We aim to showcase a cross-section of recent property sales, proposed developments, construction loans, leases and other activities.
- New York-based Invictus Real Estate Partners, along with a business entity called JLRE6 GW Owner 1 LLC, are listed on a land sale deed as buyers of Glassworks apartment complex in Metrocenter. The transaction price was $93 million, or around $331,914 per unit — a notable, but not record, sum for the neighborhood. The only Metrocenter figure to have surpassed it was from G.W. Williams Co., which paid $372,406 per unit for the Knox at Metrocenter apartments last fall. Glassworks, built in 2019 and located at 541 Great Circle Road, houses 282 units across four stories.
Glassworks apartment complex in Metrocenter.
Davidson County Property Assessor
- Dan Patel, who owns Midtown liquor store Corkdorks, paid $3 million for 0.28 acres at 1516 Church St., which sits directly next to his business, according to newly filed deeds. The site holds a building that was last home to body shop Jack Morris Auto Glass. Patel told Nashville Post that for now, his newly bought land will serve as extra parking for Corkdorks customers.
The building at 1516 Church St.
Davidson County Property Assessor
- Connecticut-based development firm Post Road Group is planning a residential building on the 1-acre Pie Town site it recently bought for $19 million, Nashville Post reports. It’s unclear whether the property will house apartments, condos or both. The site’s seller was Nashville businessman George Fournier, who operated a business there for decades before eventually leveling the land and leasing it to a parking company.
This 1.06-acre parcel, which fronts Lafayette Street in Pie Town, sold for $19 million.
Davidson County Property Assessor
- The Metropolitan Development and Housing Agency secured a $22 million Bank of Tennessee construction loan for Cherry Oak Apartments, a mixed-income residential complex at 705 S. Sixth St. in East Nashville. The development, which is currently under construction, will feature 96 units.
- A 100-unit mixed-income housing project from MDHA has opened, according to a news release. The development, dubbed Randee Rogers Apartments, features 50 units subsidized by the U.S. Department of Housing and Urban Development. It broke ground in 2020 and is located at 1419 Rosa L. Parks Blvd. in Germantown.
- Dallas-based Titan Development Co. secured a $19.12 million construction loan tied to the 12South land it owns at 2803-2809 12th Ave. S., which used to hold a Christian book store, according to a new filed deed. Nashville Post reports that the site is eyed for a mixed-use building with restaurant and retail space. Local firm Manuel Zeitlin Architects is handling design.
- A snapshot of the Nashville apartment market from ApartmentData.com reports a 93.4% occupancy rate — a sign that the sector is holding steady and Music City is inundated with new residents looking to rent. Over the last 12 months, rental rates have increased 17.2%, and there are 9,684 units under construction and 30,656 units proposed. The city’s hottest submarket right now is Midtown/Sylvan Park, according to the report.