Vanderbilt-area apartment houses sell for $6.5M

$Release_Title.getData() 16 Jul 2019

Three charming, old-school apartment houses located within the Vanderbilt-area and potentially facing demolition have sold for a collective $6.5 million. 

The properties have addresses of 221 Elliston Place (pictured), 114 Louise Ave. and 118 Louise Ave. 

The new owner is Elliston Hospitality LLC, which is affiliated with Dickson-based hotel development company JV Hospitality. Janak "Jay" Patel, JV Hospitality president and director of development, could not be reached for comment. 

Hilsea Holdings was the seller, having bought the three buildings in 1992 for $675,000, according to Metro records.

Of note, the Metro Planning Commission in January deferred voting on JV Hospitality's request to rezone the properties to allow for a future buildings(s). If a rezoning eventually is approved, demolition could take place for what are three of Nashville's few remaining pre-World War II- constructed masonry apartment buildings. 

Sometimes collectively known as the Louise Douglas Apartments- and considered by many locals as charming and historically noteworthy- the buildings rise three stories each and sit in Midtown near Elliston Place and one block north of West End Avenue. 

The Metro Planning Department staff had recommended the commission deny JV Hospitality's request. The Metro Council will need a two-thirds vote to override the denial and approve the rezoning. The council will vote on final reading on Tuesday, July 16, on the rezoning. It has passed the first two readings. 

Melissa Liles, vice president with the local office of Avison Young represented the seller, and Tom Davis, executive vice president with Collier International | Nashville represented the buyer. 

Dickson-based First Federal Bank has provided a $3 million loan to the new owner.

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By William Williams | July 15, 2019 https://www.nashvillepost.com/

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