Atlanta-based Tribridge Residential has bought 254-unit suburban apartment complex Estates at Brentwood for $42.2 million, as first reported by the Nashville Business Journal.
Tribridge also owns in the area Twin Oaks Apartments and Aventure at Providence.
Philadelphia-based Merion Realty Partners was the seller. Vincent Lefler, a Nashville-based broker with Jones Lang LaSalle, represented Merion, NBJ reports.
The sales price represents an average price per unit of $166,141.
Of note, Tribridge teamed with Nashville-based Stonehenge to develop Eleven North in the North Gulch. In November 2012, the two entities sold the 302-unit Eleven North to Chicago-based investment firm Mesirow Financial for $58.75 million in a deal valued at $195,000 per unit.
The new owners of the Franklin Marriott Cool Springs have brought on board Memphis-based Davidson Hotels & Resorts to manage the high-profile property and its adjacent publicly owned conference center. Crow Holdings Capital snapped up the 300-room hotel earlier this summer and plans to pump a lot of money into a comprehensive renovation of guests rooms and public spaces. The two companies have worked with each across the country for more than a decade.
In a unanimous vote, City of Brentwood Commissioners voted unanimously Monday night to approve H.G. Hill Realty Co.’s request to rezone land on which the development company envisions a mixed-use project.
The company now will submit a detailed site plan for review to the Brentwood Planning Commission by Sept. 2.
The approval will allow the Nashville-based company to pursue its development plans for Hill Center Brentwood, which will include a mix of restaurant and retail space in addition to Class A office space. The combined properties include the former Murray Ohio and the former Tennessee Baptist Convention headquarters sites from its current C-1 zoning to C-2.
In May, Hill Realty announced that accounting and business consulting firm Lattimore Black Morgan & Cain will serve as anchor office tenant, occupying approximately 65,000 square feet of a building that will sit at the high-profile southeast corner of the Franklin Road and Maryland Way intersection.
Hill Realty CEO Jimmy Granbery expressed thanks to commissioners and the community.
“While this has been a very long and arduous process, we feel the time was well spent in meeting with the community and learning more about what they want to see in this new gateway to Maryland Farms, and we are excited to begin the next phase working with the Planning Commission on the final details,” he said in a release.
Developers of the $80 million Harpeth Square mixed-use project slated for downtown Franklin are set to begin demolition work on the site within the next 30 days, according to The Tennessean.
Three empty buildings are expected to soon be razed to make way on the five-acre site for a planned 120-room hotel, shops and luxury apartments, the morning daily reports.
The Harpeth Square property is bordered by Main and Bridge streets and by First and Second avenues on the north end of downtown Franklin.
Read more here.
The Tennessee Housing Development Agency has selected the Franklin Housing Authority to receive $10.5 million in tax credits that will be the financial cornerstone of a 65-unit housing development near the Williamson County Library.
Construction is expected to start late this year and be completed about a year later. The single-family houses and townhomes will complement a senior housing building completed last year and are part of a large-scale plan to rejuvenate and grow the hundreds of housing units under the Franklin Housing Authority's umbrella.
The economic development team in Williamson County is in the hunt for more than 30 projects that would bring with them almost 10,700 jobs. Those are solid numbers any way you look at them, but they are down quite a bit from the figures from mid-2013. Also noticeable is that health care projects account for about a third of the potential ECD wins, down from half a year ago.
A major piece of Williamson County property — and likely the last of its size in the general Cool Springs area — has hit the market.
Denver-based Amstar has appointed HFF to market and sell Northside at McEwen, an undeveloped 44.9-acre tract located near CoolSprings Galleria and on the west side of Interstate 65.
The land is zoned to accommodate a mixture of uses, including more than 870,000 square feet of commercial space, 580 residential units and a 150-room hotel.
HFF previously represented Amstar in June when the intermediary sold Southside at McEwen, a high-end grocery center anchored by Whole Foods.
HFF Managing Directors Jim Hamilton and Richard Reid are marketing the tract, for which an asking price has not been set.
“I think that this land will command a premium because this is the last major piece of land for development of scale in Cool Springs and such a tremendous amount of development,” Hamilton said. “This is the last major piece of a major scale.”
H.G. Hill Realty Co. has released images of its planned Hill Center Brentwood as the the company prepares to host a community meeting tonight to offer information regarding the project.
Earlier this month, the Brentwood City Commission Monday night unanimously passed on first reading the development company’s request to rezone approximately 17 acres located on the southwest corner of the Franklin Road and Maryland Way intersection and on which the developer envisions a mixed-use project, brentwoodhomepage.com reports.
The Brentwood Planning Commission will meet on July 7 to vote on whether to recommend that the city approve the project's site plan. The final Brentwood City Commission vote is July 28.
If it materializes, Hill Center Brentwood (read more here) would include 450,000 square feet of office space and 150,000 square feet of retail space.
Atlanta-based Cooper Carry (see images courtesy of the firm below) is handling land planning for Hill Realty. Thomas Miller Partners, which is based in Brentwood, is serving as lead architect.
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