Hillsboro Village Buildings Sell for Collective $52.2M

Brentwood-based GBT Realty has sold two Hillsboro Village apartment buildings for a collective $52.2 million.

The new owner of both Village 21 at Regions Park (which also offers restaurant and retail space that GBT continues to own) and Belcourt Park is Atlanta-based TriBridge Residential, which has undertaken various Nashville developments. Village 21 at Regions Park is located at 1608 21st Ave. S. and Belcourt Park is located at 1710 Belcourt Ave.

In January 2016, GBT paid $3 million for the 1710 Belcourt site and would later develop it with the 76-unit, four-story Belcourt Park. That property sold to TriBridge for $20.5 million.

Metro records are unclear as the amount GBT paid for the property it developed with Village 21 at Regions Park. TriBridge acquired the apartment component of it for $31.7 million.

Opened in 2017, the mixed-use building is home to 101 residences and includes a Regions Bank branch and, in a separate building located on the northeast corner of the intersection of 21st and Wedgewood avenues, restaurant E3 Chophouse.  Other retailers include Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama.

Brokers Brett Kingman and Russ Oldham of CBRE Nashville and Ford Tomlin of GBT Realty represented GBT in the sale, according to a release.

The two buildings are sandwiched by Vanderbilt University and Vanderbilt University Medical Center on one side and Belmont University on the other.

The pair of deals come as GBT preps to break ground on both ONE22ONE, a retail and office tower planned for Broadway in The Gulch (read here), and Parke West, a mixed-use building to rise on Murphy Road (read here) within the West End corridor. The company is also pursuing mixed-use projects in Denver, Louisville and Frisco, Texas.

“Working in our home market, we were proud to build and hold exceptional [buildings] that would provide long-term value for us and the neighborhood,” George Tomlin, GBT president and CEO, said in the release. “However, the timing to sell was right for us to take advantage of the aggressive cap rate market for multi-family acquisitions in Nashville’s urban core.

“[We will now] turn our attention towards more than $300 million in [two] mixed-use developments we are planning in Nashville,” he added.

The two Hillsboro Village deals follow a November 2018 transaction that saw TriBridge pay $28.3 million for the 12South Flats building located in the district from which it derives its name. With an address of 2310 12th Ave. S., the building is home to restaurant Josephine, Jeni's Splendid Ice Creams and 90 apartments.

Of note, TriBridge is co-developing with Stockbridge Capital Group a Germantown site with a $65 million multi-building project called Hammer Mill. The urban node includes the adaptive reuse of a historic warehouse to accommodate a restaurant from Atlanta-based chef Ford Fry and the 255-unit apartment building The Griff.

Also, TriBridge co-developed with Nashville-based Stonehenge Real Estate Group and The Carlyle Group apartment complex Eleven North in the North Gulch.

“We are big believers in Nashville and very pleased to add these two [buildings] to our Nashville portfolio,” Andy Green, TriBridge principal, said in the release. “The charm of Hillsboro Village combined with the medical- and education-related demand drivers stemming from two of our nation’s great universities are what attracted us to these assets and why we look forward to owning them for a long time.”