One of the world’s largest real estate investors will be part of a boutique urban infill project in Midtown, further validating Nashville’s role as a city luring high-profile entities wanting to do development in the city.
Chicago-based LaSalle Investment Management and local developer Tony Giarratana are teaming on the 105-unit residential project, to be located at 2110 Elliston Place along 21st Avenue North.
As originally reported by the Nashville Business Journal, Giarratana and LaSalle paid $1.8 million for two parcels at the Midtown site, with plans to develop an apartment building.
For the project, I&G Elliston Inc. will serve as the owner. LaSalle is the investor and Giarratana Nashville LLC is the developer.
Of note, LaSalle Investment Management is an independent subsidiary of Jones Lang LaSalle, the latter with which Giarratana has a history. For example, Giarratana Nashville LLC plans to develop high-rise apartment building SoBro next to downtown condo tower Encore. In that project, Jones Lang LaSalle is serving as the project’s investment banker.
Giarratana (pictured) declined to comment about the Elliston Place project. However, he said having LaSalle do work in Nashville is significant. For example, LaSalle Investment Management has $47 billion in private and public property equity investments. In contrast, Northwestern Mutual Real Estate Services, another major player and the company that plans a large-scale mixed-use project in the North Gulch, has $30 to $35 billion in its portfolio.
“I have had the pleasure of working with Jones Lang LaSalle for nearly 25 years and look forward to expanding our relationship with this development,” Giarratana said.