Apartment tower sells for record $447.6K per unit
D.C. entity pays $140.1M for downtown mixed-use building The SoBro
WILLIAM WILLIAMS
(Editor’s note: The Post has learned since the publishing of this article that The SoBro offers 317 apartment units.)
WhyHotel, a Washington, D.C.-based company that converts conventional rental residential buildings to furnished apartment-style hotels, has paid $140.1 million for downtown’s mixed-use tower The SoBro — a deal that apparently robustly eclipses the previous per-unit mark for a Nashville residential building.
Located at 205 Demonbreun St., the 32-story tower was offered for an undisclosed asking price in 2018. Chicago-based Magellan Development Group and Nashville-based Giarratana Development co-developed the site earlier this decade, with Wanxiang America Real Estate Group having provided some equity. The entities owned the property via Demonbreun Realty Holding Co. LLC prior to the sale.
Having opened in 2016 and seemingly offering 317 units, the high-rise sits on a 0.73-acre site.
Although the Post has been unable to determine the number of apartments in the tower, a source said the deal is the equivalent of about $442,000 per unit, well more than the previous local per-residence highs via sales in the mid- to upper-$300,000s.
Of note, WhyHotel paid $57.9 million in August for Midtown’s The Cadence (read here).
With WhyHotel now the owner, two-thirds of The SoBro units will convert to accommodate short-term-stay guests while one-third of the units will remain residential, according to a letter from management the Post obtained. With the changes, existing leases will not be renewed.
The Davidson County Register of Deeds had yet to record the transaction as of publication time, but a source confirmed the deal.
The SoBro offers Café Intermezzo within its ground-level retail space.
To read the online article, click here.
