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GBT Unloads Nashville Rental Asset
GBT has spun off the 201-unit Parke West apartment tower for $72.5 million, nearly $350,000 a unit. Elmington Residential was the buyer.
GBT developed the 17-story tower near the intersection of Murphy Road and West End Avenue, which opened in 2022. The Nashville Business Journal reports that in 2019, the firm paid $7.175 million for the raw land, with a main address of 110 Murphy Ct. At the same time, GBT also paid $2.5 million for an adjacent retail building.
The tower offers studio, one-, and two-bedroom apartments.
In addition to the Parke West purchase, the local firms traded hands on another apartment building in Brentwood. Elmington paid $24 million for the newly opened Southcrest Reserve, which offers 108 units.
The Nashville office of Walker & Dunlop represented the seller in both transactions.
GBT is in the middle building its largest project so far, MidCity Nashville, a seven-tower mixed-use development on a former car lot.
- ◦Sale/Acquisition
