Flats art

Mixed-used development The Flats at Silo Bend in The Nations has sold for $56.5 million, with Richmond, Virginia-based Weinstein Properties the new owner, according to a Davidson County Register of Deeds document.

Centennial West Partners, a partnership led by Southeast Venture, was the seller of the three-building property, which was completed in 2019 and is located at 1605 54th Ave. N.

The Flats at Silo Bend, now called Bexley Silo Bend, features 193 apartment units and 3,500 square feet of ground-floor retail, as well as an outdoor pool, fitness center, clubroom, dog park and secure bicycle repair and storage. Retail tenants include urban grocer Silo Market and The Hen House Salon.

Russ Oldham, an executive vice president with the local office of CBRE, represented the seller.

The transaction is the equivalent of about $292,750 per unit, one of the more noteworthy such local deals of the past few years.

“Our flagship development in the Silo Bend community, The Flats have been hugely successful with 99 percent of the residential units occupied and all of the retail space leased,” Southeast Venture Principal Cam Sorenson said in a release. “We feel the development is in a great place to be handed over to Weinstein, who we know will be good stewards of this very successful property.”

This is Weinstein’s second acquisition in Nashville, as the company recently closed on the $48 million purchase of Novo Donelson, a 199-unit project located adjacent to the Music City Star Station in Donelson (read more here).

“We’re excited to add The Flats at Silo Bend to our portfolio,” Chris Taylor, director of financial planning and analysis at Weinstein, said in the release. “We've had our eye on Nashville’s overall development boom – The Flats is located in a very hot neighborhood and is exactly the kind of innovative and highly successful property we like to own.”

Weinstein landed a $36,725,000 loan from Met Life, according to a Davidson County Register of Deeds document.

Silo Bend is a 38-acre development in The Nations, master-planned by Southeast Venture. In addition to apartments, it includes single-family homes, condominiums and the 80,000-square-foot retail and office complex Silo Studios.

My Nashville Post role has evolved since 2000 when I joined the now-defunct The City Paper. TCP became a Post sister publication in 2008 (when I began doing some Post work) and folded in 2013. I have been managing editor of the Post since late 2011.