A Chicago-based investment firm has paid $58.75 million for the 302-unit Eleven North apartments, setting a new per-unit record for a Nashville multi-family building sale.
The $195,000 per unit paid by Mesirow Financial to Eleven North LLC — a joint venture of TriBridge and Stonehenge DCM — outpaces the $170,000 per unit Walton Street Capital paid for Velocity in The Gulch after its conversion from condos to apartments.
Eleven North is currently leased at 95 percent.
This is Mesirow's first foray into the Nashville market. The 75-year-old company had revenues of about $500 million in its most recent fiscal year.