A real estate investment management firm has bought West End Village for $51.3 million in the first major acquisition of a Nashville-area apartment community this year.
LaSalle Investment Management Inc. paid $210,000 for each of the 244 apartment units at the new community, located at Long Boulevard and 31st Avenue North.
The Residential Group, the Atlanta-based developer that sold West End Village, put the property up for sale even before construction work was fully completed.
“It says a lot of buyers want to be in the Nashville market — a very sought-after market nationally,” said Steve Massey, an executive vice president and specialist in multifamily sales with the Nashville office of real estate firm CBRE. “It’s a nice property in a good location in the West End submarket.”
LaSalle Investment Management, an independent subsidiary of Chicago-based real estate company Jones Lang LaSalle, is no stranger to Nashville’s real estate market.
Locally, LaSalle Investment Management’s holdings include 100 Oaks Mall, where Vanderbilt University Medical Center is a key tenant. The firm is also an equity partner to Nashville developer Tony Giarratana in building a 105-unit apartment community in Midtown, plus another 146-unit complex planned one block away from that site.
LaSalle Investment Management acquired West End Village on behalf of a state pension fund it advises. One Hundred Oaks is owned by a separate fund the firm manages, while the partnership with Giarratana is through yet another fund.
West End Village was the first apartment development in Nashville for The Residential Group. The developer, meanwhile, plans a mixed-use project in MetroCenter that will include apartments.
In 2013, more than 37 apartment communities changed hands in the Nashville area for a total value that exceeded $900 million, making it a record year for investment sales of apartments, according to Massey. He sees fewer sales this year because many of the properties under construction here won’t be completed until next year.
Vince Lefler, a multifamily broker with Jones Lang LaSalle, represented The Residential Group.
Getahn Ward covers growth and development. Contact him at 615-726-5968 or at firstname.lastname@example.org. Follow him on Twitter: @Getahn.
To see full article, click here.