Apartment complex Knox at MetroCenter has sold for $119.9 million, with the San Mateo, California-based buyer having earlier this year paid $74.26 million for nearby residential building The Duke and $33.6 million for Atlas Germantown.
The per-unit price of more than $372,000 is the highest ever recorded for a MetroCenter apartment property and likely a local record overall.
According to a Davidson County Register of Deeds document, G.W. Williams Co. now owns the 10-building Knox. More than 90 percent leased, the complex offers a main address of 101 Athens Way and opened in 2020.
The seller was San Antonio-based Embrey Partners Ltd., which developed the site. The Texas company also undertook the Carillon apartment building next to First Horizon Park in North Capitol (see here).
G.W. Williams Co. landed a $69 million loan for Northwestern Mutual Life Insurance Co., according to a deeds document.
The specific sale price was $119,915,000. With Knox offering 322 units, the transaction is the equivalent of, as noted, $372,406 per residence.
Knox sits on the southwest corner of the intersection of Athens Way and Great Circle Road on what had been one of the last non-developed lots in MetroCenter.
"We were very pleased with the aggressive lease-up rate over the past year," Brad Knolle, Embrey executive vice president, told the Post.
Newmark brokers Tarek El Gammal and Vince Lefler represented Embrey in the deal. G.W. Williams did not use a broker.
The purchase comes as Nashville apartment sales during the first three quarters of the year surpassed pre-pandemic levels, topping $2.4 billion with 51 transactions (read here).