Investor Spends $42M on Nashville Office Buildings, Apartments
Nashville real estate developer and investor Elmington Capital Group announced two new purchases Wednesday totaling more than $42 million.
In the first, Elmington paid $21.95 million for a portfolio of five office buildings, formerly owned by the late businessman Ted Welch, along Music Row and 21st Avenue. The buildings, which include about 115,000 square feet of rentable space, are located at: 1114 17th Ave. S.; 1222 16th Ave. S.; 2416 21st Ave. S; 2424 21st Ave. S.; and 2409 21st Ave. S.
Elmington’s Nashville office portfolio now includes some 307,000 square feet of space. It plans to invest about $1.6 million on renovations, primarily to the building at 2416 21st Ave. S., according to a news release.
In a separate transaction, Elmington paid $20.3 million for The Park at Hillside, a low-income tax credit apartment property with 290 units. The property is located on Hillside Avenue.
Elmington now owns or manages 20,000 apartment units across 13 states, half of which fall under some sort of affordable housing classification.