Vista Germantown apartment building sells for $53.25M

Canadian entity acquires 242-unit structure for $220K per unit

North Nashville apartment building Vista Germantown has changed ownership hands for $53.25 million, according to Davidson County Register of Deeds documents.

The transaction sets a per-unit dollar amount record — at $220,041 — for a Nashville apartment building transaction. It topped the $210,000 per-unit price set by the sale of West End Village Apartments in January. In November 2012, Eleven North, the 301-unit apartment complex in the North Gulch, sold for $58.7 million, or $195,000 per unit.

AERC Bristol Germantown JV sold the building, which fronts Jefferson Street between Fifth and Sixth avenues north, to Vista Germantown Apartments LP, which is affiliated with institutional investor Avison Young (Canada) Inc. Headquartered in Toronto, Avison Young bills itself as Canada's largest independently owned commercial real estate services company.

The distinctive 242-unit building is recognized for its unusual forms, materials and colors and is home to popular restaurant Silo.

AERC Bristol Germantown JV is affiliated with Richmond Heights, Ohio-based Associated Estates Realty Corp.

As to the $220,041 per-unit figure, Grant Hammond, said the amount is "quite eye-opening."

"It does speak to what’s coming in Germantown, said Hammond, owner of Metropolitan Brokers LLC. "Not just the new baseball stadium but also the state buildings planned for the near future and the desirability of the Germantown/Capitol View districts in general."

AERC co-developed Vista Germantown with Franklin-based Bristol Development Group. The latter would later sell in 2010 its ownership stake in the property for about $6.739 million.

The 2.73-acre property most recently appraised for $33 million in January 2013, according to Metro documents. 

Century City, Calif.-headquartered Hancock Real Estate Strategies and The Kirkland Co., which is based in Nashville, marketed the property for AERC.