The requested news item does not exist. Please return to News
NASHVILLE, TN, November 28, 2012 — On behalf of Tribridge/Stonehenge Investment and The Carlyle Group, Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Eleven North, a rare Class AA, institutionally owned apartment complex for $58.75 million in Nashville. The luxury apartment community is located in The Gulch, one of Nashville’s fastest growing “Live, Work, Play” communities. Mesirow Financial purchased the four-story, 302-unit luxury asset for roughly $195,000 per unit.Senior Vice President Vince Lefler with Managing Directors Derrick Bloom and David Gutting led the Jones Lang LaSalle team on this transaction.
“Eleven North’s high-profile, infill location offered investors the rare opportunity to acquire a new, modern luxury property in a high-demand area. This was a once-in-a-decade opportunity as only one such property has sold over the past 10 years,” said Bloom. “In addition, Nashville’s strong economic growth and vibrant entertainment districts added to the strong investor interest for this tremendous asset.”
Added Gutting, “Eleven North has seen a 10 percent rent growth since first signing leases in mid February – equating to greater than 30 percent annual rent growth – and a record lease-up schedule, averaging more than 50 leases per month during the first six months of leasing alone. It is truly one of the area’s most in-demand residential addresses.”
Eleven North boasts a best-in-class amenity package, including a saltwater resort-style pool with adjoining spa; outdoor grilling area with fire pit with cabana tents; state-of-the-art fitness center; rooftop lounge with viewing terrace and billiards; lounge with flat screen TVs and karaoke system; Chef’s kitchen; cyber café; tanning bed; bike racks; electric car charging stations; and pet park. Individual apartments feature granite countertops, satin nickel finishes, black EnergyStar kitchen appliances, full-size washer and dryer, pre-wiring for surround sound, ceramic tile, faux hardwood flooring and garden-sized tub. It is located between Church and Charlotte streets, directly across from Northwestern Mutual’s new 35-acre Lifestyle Center to include such retail as Target, Ikea and Publix. PNC bank was the construction lender on the development.
The Gulch is located in the heart of approximately 100,000 jobs, largely dominated by the medical and entertainment industry and Vanderbilt University. It is a leading-edge neighborhood defined as the first LEED certified community in the Southeast. It is also a premier designation for entertainment with its trendy restaurants, music venues and rich culture of country music.About TriBridge Residential: TriBridge Residential is a highly diversified and forward thinking multi-family real estate company with proven leadership and quality professionals committed to executing the objectives of its investors, clients and residents. TriBridge prides itself on providing expertise in development, investment and management for its clients. TriBridge Residential leverages the experience of the three principals to take advantage of market opportunities and provide a high rate of return on investment. TriBridge plans to expand upon its 16,000 units under management, located across the South in 5 states and 7 major cities For more information, please visit the company online at www.tribridgeresidential.com.About The Carlyle Group: The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $157 billion of assets under management across 101 funds and 64 fund of fund vehicles as of September 30, 2012. Carlyle's purpose is to invest wisely and create value on behalf of our investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,300 people in 32 offices across six continents. www.carlyle.com www.youtube.com/onecarlyle www.twitter.com/onecarlyle About Stonehenge Companies: Stonehenge companies (Stonehenge DCM and Stonehenge Real Estate Group) based in Nashville, Tennessee were created in 2010 to acquire, develop and consult on multifamily communities in the Southeastern US. Nashville has been the primary city for Stonehenge. Stonehenge works efficiently and teams up with other professionals when needed to provide equity partners a higher rate of return. Stonehenge principals have acquired and developed throughout the southeast for the last 30+ years. The principals have been involved in either the development or construction of over 25,000 units and 125,000 square feet of retail. Stonehenge recently co-developed Eleven North and currently has Note16 and 23Hundred under construction in Nashville.
Jones Lane LaSalle’s Southeast Multifamily Investment Sales group has sold nearly 11,000 units in multifamily property totalling more than $1.06 billion in sales during 2012. The team comprises 14 experienced real estate professionals who specialize in the sale and financing of multifamily property in Georgia, Tennessee, North Carolina, South Carolina, Alabama, Kentucky and Mississippi. In addition, the team works closely with the Real Estate Investment Banking experts to source both debt and equity and the firm’s acquisition of Primary Capital allows it to operate as a Freddie Mac Program Plus© Seller/Servicer and includes a $2 billion loan servicing platform.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx
+1 312 228 2139
+1 312 228 3127