(Editor's note: This article has been updated to accurately reflect the sales price, an error for which was made in the recording process.)
Midtown mixed-use high-rise Element Music Row has sold for $185.1 million — with the per-apartment price shattering the previous local record.
According to a Davidson County Register of Deeds document, the new owner of the property — located at 1515 Demonbreun St. and towering over Music Row Roundabout outdoor sculpture Musica — is an LLC affiliated with Houston-based Camden Property Trust.
The seller was Demonbreun Street Apartment Investors LLC, which paid $6.25 million for the property in 2014 and then redeveloped the site with the building. The LLC is affiliated with Charlotte-based development company Childress Klein.
Opened in 2016, the 19-story tower offers 430 apartment units and some retail space anchored by Asian restaurant Thai Esane.
The deal is the equivalent of about $429,460 per residence. Based on previous local media reports of the past 24 months or so, no apartment building seemingly has fetched more than $350,000 per unit.
The previous record sale seemingly involved Broadstone Gulch, a high-rise apartment building located on Division Street and that sold for almost $81 million in 2019. That is the equivalent of almost $340,000 per unit (read more here).
Though standing upwards of 250 feet, Element Music Row does not rank among Nashville’s 40 tallest buildings.
According to its website, and as of December 2020, Camden Property Trust owned interests in 174 apartment developments with a collective 59,104 apartment units. Founded in 1981, the publicly traded company reported revenues of 1.04 billion in 2020.
Earlier this month, Camden paid about $89 million for what is now called Camden Franklin Park, a 328-unit apartment complex in Cool Springs, Nashville Business Journal reports. That was the company's initial foray into the local market.
NorthMarq Capital brokers Jason Nettles, Peter Chacon and Megan Thompson represented Camden.