Medical District apartment building sells for about $1M

Grace Development has paid $1.075 million for a 16-unit modernist apartment building located off Elliston Place near the Medical District, accordign to Metro documents.

The Nashville-based company created Louise Development LLC for the purchase. Pickard Holdings Ltd. Inc. was the seller. Cushman & Wakefield | Cornerstone brokers Melissa Liles and Billy Lyell represented Pickard.

With the sale of the building, located at 215 Louise Ave. (see here in an image courtesy of Google Maps), Pickard now has four buildings remaining in a portfolio it continues to market. Three of the buildings are considered a collective entity and are located 2221 Elliston Place (see here). The fourth is the Mayfair, located at 2301 Elliston (see here).

Earlier this month, real estate investor William Terry Cantrell paid $3.4 million for three vintage Midtown apartment buildings that were part of the portfolio. (Read more here.)

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