G
BT Realty has successfully sold two of its recent developments to Elmington Residential, securing a combined $96.5 million in sales. The local firm acquired the 210-unit Parke West apartment high-rise at 110 Murphy Court in Nashville's West End from GBT for $72.5 million, with an average price per unit of $345,000. Additionally, Elmington purchased the building's 11,000-square-foot retail portion for $2.5 million, approximately $227 per square foot.

    The Parke West development features studio, one- and two-bedroom apartments that rent between $1,700 to $4,500 a month. A nearby dual-branded Hilton Garden Inn and Home2 Suites was developed by Chartwell Residential but not part of this transaction.

    GBT also sold the 108-unit Southcrest Reserve in Brentwood to Elmington for $24 million, or $222,000 per unit. This three-story asset is part of a larger mixed-use development with various retail and dining options.

    Walker & Dunlop represented GBT Realty in both transactions. Elmington's Michael Lamping expressed excitement about the deals, which are among the largest in Nashville since last year's sale of Broadstone SoBro apartments for $78.5 million. GBT continues to be a major player in Nashville's real estate market with several ongoing projects, including the Sinclair apartment tower and MidCity Nashville mixed-use development.