Nashville-based developer John Eldridge III is offering his residential property The Vibe at Marathon Village for sale – just under three years after purchasing the property.
Eldridge – perhaps best known for his multiple projects at McKissack Park (which he dubbed City Heights as an additional nickname) – spent around $ 4.4 million renovating residential buildings, whose primary address is 1601 Herman Street He hired Nashville-based Capstone Apartment Partners (Adam Klenk) to handle the marketing and, potentially, the sale of The Vibe.
A loopnet.com the ad was created with no asking price, with Eldridge essentially offering the property for sale.
“We allow the market to provide us with data to help us assess the value of our investment,” Eldridge said of the opportunity to sell The Vibe.
Via an LLC, Eldridge acquired the 1.2-acre property in June 2016 for $ 2.6 million, according to Metro files. The site houses five buildings with a collective of 68 apartments.
“Our initial goal was to reimagine ownership with high quality rental units for our city’s workforce as a starting point for our overall vision for City Heights and to begin to reduce the affordability crisis while improving less desirable properties, ”Eldridge, founder and CEO of E3 Construction Services LLC, told the Post. “And we accomplished just that.
“When it comes to The Vibe’s future, we would be foolish not to consider all of the options, especially since the property is in a much sought-after ‘zone of opportunity’.
The Vibe is located about one to five blocks northwest of Marathon Village and Capitol View and about six blocks northeast of the heart of McKissack Park / City Heights.
Eldridge is known for redeveloping sites near social housing and in areas in transition. It focuses, in part, on providing residential rental and purchase products at prices below city averages. He also undertakes commercial developments via mixed-use buildings.
For example, a two-bedroom, one-bathroom apartment at The Vibe rents for $ 1,375. At around 700 square feet, the equivalent price of about $ 2 per foot is a little lower than the $ 2.50 per foot price of a recent product in the city’s urban core.
“We remain steadfast in our long-term commitment to the redevelopment of the area and to City Heights,” said Eldridge. “We plan to approach this evaluation process as an opportunity to justify this belief [in the area] and use what we learn during this process to strengthen our strategy going forward.
Murfreesboro commercial property sells for $ 1.1 million
NAI Nashville announced that it has negotiated the sale of 805 NW Broad Street at Murfreesboro $ 1.1 million.
The sellers were Virginia Willis and David Willis, and the buyer was Mohammed Shams, owner of Shams Properties.
Priscilla Smith and John Rogers of NAI Nashville represented the seller in the transaction, according to a statement.
805 NW Broad Street is home to an 18,000 square foot building, the last one housing an auto and tire store and built in 1965.
The sale also included a 2,800 square foot building currently housing a cash advance store.
Nashville-based company targets Chattanooga for project
Nashville-based Miken Developing is considering a $ 40 million project in Chattanooga that would include the adaptive reuse of some vacant industrial buildings.
The Chattanooga Times Free Press reports that the project would produce a structure offering residential and commercial space in the rapidly evolving corridor of the picturesque town’s East Main Street.
Miken bought the eight-acre site, with an address of 1601 S. Holtzclaw Avenue. and which once housed a Rock-Tenn facility.
The plan calls for about 120 residential units for sale and 30,000 square feet of retail space, reports the Times Free Press.
Michael Kenner oversees Miken Development and styled the company as “MiKeN Development”.
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