Nashville-based Carter-Haston pays $282.11 per unit for Duet on 31st Avenue after Music Row deal
Nashville-based real estate firm Carter-Haston has paid $61.5 million for the two-building, West End corridor-located Duet Apartments, according to a Davidson County Register of Deed document.
The seller of the property, with a main address of 300 31st Ave. N. was an LLC affiliated with Seattle-based Security Properties. The LLC paid $51 million for the two buildings in transactions from both 2016 and 2017, Metro records show.
The purchase of the West End Park property comes as Carter-Haston also recently paid Security Properties $26.3 million for Music Row apartment building Note 16 (read here).
Duet Apartments includes Opus 29 (which opened in 2015) and Opus 31 (which opened in 2017). The two offer a collective 218 units. As such, the deal is the equivalent of about $282,110 per apartment unit. Previous recent deals involving buildings located in Nashville’s urban core and constructed since 2010 have typically commanded higher figures.
Via an affiliated LLC, then-Atlanta-based Stonehenge Real Estate Group paid $1.85 million for the two sites in 2013 and 2014, before company principal Todd Jackovich oversaw the redevelopment of the parcels with Duet. Jackovich also developed sites in, in addition to the Music Row property with Note 16, Hillsboro Village and Sylvan Park with similar apartment structures.
Carter-Haston bills itself as a private fund management and property management company. Locally, the company owns and/or manages Cumberland on Church (downtown), Martin Flats (Wedgewood-Houston), The Shay (One City), The Sawyer at One Bellevue Place (Bellevue) and West End Village (West End Park).
Home to 300 employees, Carter-Haston owns and/or manages buildings located in multiple Southeastern cities with about 21,000 units collectively. It operates regional offices in Atlanta, Charleston, Dallas and Tampa.
The Post was unable to determine if brokers were involved in the transaction.