GBT Realty has capitalized on two of its recent developments, selling apartment high-rises and a retail parcel to Elmington Residential for a combined $96.5 million.
Elmington bought the 210-unit Parke West, at 110 Murphy Court in Nashville’s West End, from an entity of Brentwood-based GBT for $72.5 million, the Nashville Business Journal reported. The price comes to $345,000 per unit. The local firm also purchased the building’s 11,000-square-foot retail portion for $2.5 million, some $227 per square foot, in a separate deal.
The 17-story building, completed in 2022, features studio, one- and two-bedroom apartments that rent for $1,700 to $4,500 a month, according to online listings. A dual-branded Hilton Garden Inn and Home2 Suites, developed by Chartwell Residential, was built alongside the apartment tower but was not part of this transaction.
Elmington also bought the 108-unit Southcrest Reserve, at 1015 Gant Hill Drive in Brentwood, from GBT for $24 million, or $222,000 per unit. That three-story asset, delivered last year, is part of a larger mixed-use development that includes Scooter’s Coffee, Orange Theory Fitness, Heartland Dental, Valvoline, Wendy’s and McAlister’s Deli.
Walker & Dunlop represented the seller in the transactions.
“It’s exciting to see two Nashville-based companies making deals of this magnitude,” Elmington’s Michael Lamping said.
They were some of the biggest transactions since Los Angeles-based And Asset Management purchased the 266-unit Broadstone SoBro apartments last year for $78.5 million, or $295,000 per unit. That eight-story building, at 800 4th Avenue South, was developed by Arizona-based Alliance Residential Company and delivered in 2022.
GBT, led by George Tomlin, continues to be a dominant player in Nashville’s real estate market. The firm has several major projects in the works, including the Sinclair, a 27-story apartment tower, and MidCity Nashville, a massive mixed-use development.
—Rachel Stone
Read more
Commercial
Nashville
Tidal scores $120M refinancing for Nashville apartment complex
Residential
National
GVA sells Nashville apartments for $34M
Development
Nashville
Albion scores $102M construction loan for Midtown apartments