Veteran local real estate investor Jack May paid $19.65 million for a garden-style apartment complex in West Nashville.
According to Davidson County deed documents, the seller was Atlanta LLC. The organization paid $13.075 million for the complex, called Park West at Hillwood. 6319 Charlotte Pikein mid-2017, according to Metro records.
Opened in 1973, the complex includes multiple two-story buildings with a total of 102 units. This transaction therefore equates to approximately $192,650 per apartment. Similar apartment sales over the past approximately 12 months have had lower per-unit figures.
May most recently made headlines in July when he and some family members sold the Belle Meade Plaza Shopping Center, which was intended to be a high-profile mixed-use development, for $87 million (read article) here). An LLC affiliated with Nashville-based Adventurous Journeys (AJ) Capital Partners will undertake the project.
The Nashville office of Charlotte-based Capstone Apartment Partners (Adam Klenk, Austin Heiscock, Jordan Alland, Blake Weiser) represented the seller in the Park West at Hillwood transaction.of post It could not be determined whether May used a broker.
Hotel entity buys portion of Dickerson property once project is ready
A Nashville-area hotel industry group paid $3.25 million for a portion of a larger site in northeast Davidson County that had long been eyed for a seemingly stalled mixed-use development.
According to Davidson County deed documents, the new owner of the raw land must have an address of 3465 Dickerson Pike, Mander Hotel LLC. The company appears to be affiliated with Manek Holdings, which halted construction of the Radisson Red Hotel at 333 Union Street in downtown Nashville in late 2020 (read article) here).
Nashith Jobalia serves as Managing Member of Mandar Hotels LLC. Jobalia’s LinkedIn page lists him as the CEO of his MNJ Hospitality, which provides his 400 Sugartree Lane, Suite 300 address in Franklin. Manek Holdings also appears to be providing the same address and room number.
Mr. Jobaria could not be reached for comment.
as post It was reported in May 2020 that an entity believed to be affiliated with Buffalo, New York-area-based Rain Properties Inc. was building the main segment of the approximately 40-acre property at 3465 Dickerson Pike. The construction permit had been secured for an elevation of 41 degrees. The project would include 280 apartments, a hotel, offices and retail. The status of that project is unknown. No work is being done on site.
of post It could not be determined whether a broker was involved in the transaction.