The properties formerly owned by businessman Ted Welch, who died in 2014, add 115,000 rentable square feet of space to Elmington’s Nashville office portfolio. The Nashville-based investment firm said it plans to invest $1.6 million in exterior and interior renovations, mostly to the building at 2416 21st Ave. S.

In addition to that building, Elmington acquired the Republican Party headquarters at 2424 21st Ave. S., along with properties with addresses 1114 17th Ave. S., 1222 16th Ave S. and 2409 21st Ave. S.

“We’ve been looking to expand our footprint in the 21st Avenue/Music Row corridor,” said Ryan Seibels, the firm’s senior vice president of commercial acquisitions. “This is an attractive area for employers, and we’re excited to bring new life to these office buildings with upcoming renovations.”

With the deal closing, Elmington now has 307,360 square feet of office space in Nashville, including the CitySpace office tower that’s attached to the Renaissance Hotel, a building at 21st & Ashwood and a stake in downtown’s St. Cloud Corner office building. Previously, the investment firm spent $1.55 million on renovations to the interior common areas at CitySpace, which Welch also had co-owned.

The five-building portfolio that Elmington just bought was 54 percent leased with an average rental rate of $21.42, the investment firm said, citing high interest in the overall 53,000 square feet of available space. After renovations, Elmington plans to charge the current $25- to $30-a-square-foot market rate.

With its latest purchase, Elmington owns 12 properties worth more than $100 million within Nashville’s Interstate 440 loop, with eight of those buildings in the 21st Avenue/Music Row corridor.

Brokers Jim Foley and Morgan Hillenmeyer of real estate firm CBRE handled the listing for the estate of Welch, the top fundraiser in Tennessee Republican politics for four decades.