A modernist apartment building located near Tennessee State University has sold for $2.5 million, two-and-a-half times the price for which it last changed ownership hands five years ago, according to a Davidson County Register of Deeds document.
The address of the 0.54-acre North Nashville property is 2714 Jefferson St., with the two-story building known as University City Flats.
Local real estate developer and investor D.J. Wootson, via University City Flats LLC, was the seller. Wootson, owner of Titus Young Real Estate, paid $950,000 for the property in September 2015, according to Metro records. Wootson told the Post he made multiple upgrades to the 22-unit building during the past five years.
The new owner is Jefferson Flats LLC, which is affiliated with Nashville-based real estate development company Holladay Ventures. In addition, Viking Capital has invested in the property. Evan Holladay, tHolladay Ventures president and CEO, told the Post Holladay Ventures will paint the building’s exterior, add some commons area amenities, add clothes washers and driers for each unit, and repave the parking lot.
"Thanks to our investment partners, Viking Capital, we'll be giving the property much needed interior upgrades as well as outdoor living areas," he said. "The rehab and immediate implementation of a top-rated property management company will ensure our residents have a quality place to call home."
John Ashley and Taylor Irwin, brokers with Colliers Nashville, represented the two parties in the transaction.