Almost one-third of the residential units in recently opened apartment building Edge Midtown are leased — no more than eight weeks into the process.
Located at the northwest corner of the intersection of 22nd Avenue North and State Street, the 146-unit is distinctive for offering some micro-units, many of which are 450 square feet or fewer (with the smallest apartment spanning a mere 396 square feet).
Elmington Property Management, a division of Elmington Capital Group, is handling the marketing and leasing of the building. Relatedly, the Nashville-based company and Giarratana Nashville, the developer, recently finalized what they are billing as the first offering of one year of free rent to a resident.
Jenny McClain, EPM marketing director, said the team is pleased with the initial effort and resident response.
“We have been very aggressive on our approach to marketing this community,” McClain said. “With the team we have in place, we are very optimistic this leasing pace will continue.”
McClain said the Edge Midtown units are renting for about $3 per foot per unit on average. The majority of the building’s residences are sized between 500 and 700 square feet.
Nashville-based OakPoint Real Estate acquired the eight-story Airport Executive Plaza for $12 million, according to Metro property records.
The office building is located on Murfreesboro Road near Nashville International Airport.
Airport Plaza LLC was the seller.
The Post originally reported the property was under contract (read here).
Music Row properties sold
Music Row Holdings LLC has bought two Music Row-area properties for $1.575 million, according to Metro property records.
Nashville-based real estate investor Treg Warner was the seller.
Elmington continues pursuit of The Continental
Elmington Capital Group is making progress toward purchasing The Continental on West End, with the Nashville-based company recently have sent contracts to the building’s individual owners, The Tennessean reports..
In August, Elmington offered $19 million to acquire the building’s condos and commercial space, contingent on 70 percent of the residents agreeing to sell.
Nashville-based Elmington Capital Group has made an offer to acquire the condominiums and commercial space of The Continental, a modernist mid-rise that fronts West End Avenue next to Interstate 440, The Tennessean reports.
The transaction is dependent on at least 70 percent of the building's individual condo owners agreeing to sell, according to the morning daily. If so, the paper reports Elmington has agreed to pay $19.53 million for the 144 condos.
In addition, Elmington also offered $1.33 million for The Continental's commercial space, which is home to Woodlands Indian Vegetarian Cuisine.
Relatedly, the Metro Codes Department recently issued a permit for exterior improvements to the building. Nashville-based K&J Associates Inc. is removing concrete elements from the façade in a job for which the permit is valued at $2.2 million.
See the building here courtesy of Google Maps.
Nashville-based commercial real estate investment and development firm Elmington Capital Group has paid $7 million for downtown’s L&C parking garage.
The seller was L&C Garage LLC.
The garage (see here courtesy of Google Maps), which is located near the northeast corner of the intersection of Fifth and Commerce Street, offers 305 parking spaces and is within the same block as the L&C Tower, which is currently undergoing $4.5 million renovation. The address is 144 Fifth Ave. N., with the property spanning .24 acres.
Recently announced L&C tenants include Warby Parker, FoxFuel, and IQTalent Partners.
“We are excited about such a well located acquisition in the heart of Nashville,” Ryan Seibels (pictured), SVP for Elmington Capital, said in a release.
The acquisition follows EC’s 2014 purchase of 100,000 square feet of office space on the top floors of the downtown tower home to Renaissance Hotel. The space has been rebranded as CitySpace.
“With the CitySpace acquisition we have watched the demand for parking increase dramatically as downtown Nashville continues to draw more and more investment capital and new tenants to the area,” Seibels said. “We are excited to be investing significant capital to further enhance the marketability and functionality of the property. We are confident the location will continue to be in high demand for years to come.”
Douglass Johnson and Steve Preston, brokers with the CBRE Nashville office, facilitated the transaction.
Debt financing was provided through Farm Bureau Life Insurance Company of Des Moines, Iowa. The debt was sourced through Stephen Brink at First Southern Mortgage in Brentwood.
Nashville-based Premier Parking will manage the property.
Last week, Nashville-based Elmington Capital Group filed plans with the Metro Planning Department that, if approved, could allow for the eventual construction of a grocery store building, a parking garage, a hotel, a residential building and retail space at the Nashville-based company’s Demonbreun Street site in Midtown.
Below is a look at how the buildings within the possible mixed-use development could be arranged. The plan shows the potential for more than 1 million square feet of space on a 3.4-acre site. The tallest building on the site would be 22 stories.
If the project materializes as shown in the image, the eastern-most segment of the existing retail strip center would be demolished, as would a two-story stone building that once served as a residence (see here courtesy of Google Maps).
Dallas-based Humphreys & Partners Architects and Kimley Horn and Associates Inc. have been enlisted for design work and land planning efforts, respectively. The former participated in The Melrose.
(In this image, courtesy of ECG, the Music Row Roundabout is partially seen in the lower left corner.)
Elmington Capital Group has created via a charter ECG Nashville Garage LLC for the acquisition of a downtown parking garage that accommodates the L&C Tower, according to state documents.
The Nashville-based company remains in its due diligence period, with the closing on the acquisition of the property expected within a few months, according to a source with information regarding the effort and who asked to go unnamed.
The Tennessean first reported in January ECG is trying to acquire the garage.
Elmington officials could not be reached for comment.
See the facility, called the L&C Garage and with its main entrance on Fifth Avenue North between Church and Commerce streets, here in an image courtesy of Google Maps.