40 downtown Nashville area condos sold for $18 million
13 June 2017
A group of Nashville investors led by real estate broker Rob Lowe has
paid roughly $18 million for 40 condos at the Howell Park residential
community in the Rutledge Hill area south of downtown.
“It is an exceptional site, but our plan is to hold the units as an
investment,” Lowe said about the 1.85-acre property with addresses on
Second Avenue South. “It’s hard to find value in today’s marketplace
and that’s what attracted us to the deal.”
Under the Downtown Code, an up to 30 story building could be built on
that 1.85-acre property. It is bordered by Korean Veterans Boulevard
and Peabody Street and Second and Third Avenues South.
The Lowe-led Edgehill Village Investors LLC’s purchase, using some of
the proceeds from selling a majority controlling interest in the
Edgehill Village retail center in the Edgehill neighborhood, included
all but two condo units at Howell Park.
Brentwood-based Haury & Smith Contractors Inc. built Howell Park in
1986 as one of the downtown area’s first residential projects and sold
the units as condos.
Edgehill Village Investors purchased the condos at addresses including
405, 409, 411, 423, 425, 429, 433, 441, 471, 475 and 479 Second Avenue
South from 38 individual sellers.