01 Mar Bluerock Real Estate Development Announcement: Note16 Apartments, Nashville, Tennessee
Bluerock Real Estate, LLC (“Bluerock”), a national real estate investment firm, announced March 1, 2012 an equity commitment to the development of the Note16 Apartments located in Nashville, Tennessee.
Note16, which is under construction, is a planned Class A five-story mid-rise apartment community comprised of 86 units with a mix of studio, one and two-bedroom floor plans. The community is being developed on approximately three quarters of an acre located along “Music Row” providing an urban setting that will satisfy an underserved demographic in the West End submarket of Nashville. Bluerock is developing the project in conjunction with developer Stonehenge DCM, LLC, for a total development cost of $11 million. Construction is expected to be completed by year end.
Note16 amenities will include gated access, fitness center, cyber café, lounges on each floor, highly‐landscaped courtyard, and Wi-Fi common areas. Individual residences will include full appliance packages, balconies, granite kitchen countertops, upscale wood cabinetry, laminate hardwood flooring and ceramic tile.
According to James Babb, Senior Managing Director and Chief Investment Officer for Bluerock Real Estate, LLC, “the Note16 location in the heart of the West End on Music Row is second-to-none in Nashville. This boutique product will appeal to a diverse and upscale client base seeking smaller units and is projected to be built for less than the cost to buy a similar existing project.”
Note16 is well positioned in the West End submarket of downtown Nashville, just two blocks east of Vanderbilt University. The Property is uniquely situated at the center of several Nashville’s economic drivers including higher education, healthcare, and entertainment industries.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan, which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 60 years aggregate experience and have transacted on over 25 million square feet and $4 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.
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