1700 Midtown sells for $27.4M

North Carolina company finalizes deal on two-year-old complex

A North Carolina-based company has finalized its buy of one of Nashville's newest apartment projects.

Greenboro's Bell Partners paid $27.4 million for 1700 Midtown near Music Row. The high-end, 170-unit complex — where monthly rents range from $995 to $2,250 — opened in 2009. The sale price works out to roughly $160,000 per unit — 28 percent more than the high-end Alara Farms development in Cool Springs. The property was last appraised at $18.4 million.

The project, a joint venture tying together Bristol Development, Southeast Venture, Doster Construction and others, has been a noted — and rare of late — triumph, regarded generally as the benchmark for new apartment complexes in Music City. Its lease rate is around 95 percent.

Bell operates nine complexes in the Nashville area, including developments in Hillsboro Village, Antioch and Bellevue. The company's website already lists what it calls "Bell Midtown" on its rental information page, but a link to a new site specifically for the complex fails to load.

FYI by billglaus@banko...