Nashville-based developer Stonehenge DCM today sold its Note 16 apartment building in Music Row for $15.6 million.
LLU Tennessee Multifamily Properties LLC, the mailing address for which is in Loma Linda, Calif., paid the equivalent of about $181,400 for the 86-unit apartment building, located at the northeast corner of the 16th and Horton avenues intersection.
“We’re excited for new investors to come to town and have new opportunities,” said Todd Jackovich, Stonehenge principal.
The Note 16 transaction follows an Eleven North LLC (a joint venture of TriBridge and Stonehenge DCM) sale in November of Eleven North in the North Gulch. (Read more here.) Chicago-based Mesirow Financial was the buyer in the $58.7 million transaction, which set a per-unit record ($195,000) for a Nashville multi-family building sale.
When asked if the company might sell its under-construction 23Hundred at Berry Hill development upon its completion, Jackovich declined to comment.