Veteran local real estate investor Jack May has paid $19.65 million for a West Nashville garden-style apartment complex.
According to a Davidson County Register of Deeds document, the seller was an Atlanta LLC. That entity paid $13,075,000 for the complex, called Park West at Hillwood and located at 6319 Charlotte Pike, in mid-2017, Metro records show.
Opened in 1973, the complex offers multiple two-story buildings with a collective 102 units. As such, the transaction is the equivalent of about $192,650 per apartment. Previous similar apartment sales of the past approximately 12 months have yielded lesser per-unit figures.
May most recently garnered headlines in July when he and some family members sold the Belle Meade Plaza shopping center, eyed for a high-profile mixed-use development, for $87 million (read here). An LLC affiliated with Nashville-based Adventurous Journeys (AJ) Capital Partners will undertake that project.
The Nashville office of Charlotte based Capstone Apartment Partners (Adam Klenk, Austin Heithcock, Jordan Arand and Blake Wiser) represented the seller in the Park West at Hillwood transaction. The Post was unable to determine if May used a broker.
Hotel entity buys piece of Dickerson site once set for project
A Nashville-area hotel industry entity has paid $3.25 million for a segment of a larger Northeast Davidson County property long eyed for a seemingly stalled mixed-use development.
According to a Davidson County Register of Deeds document, the new owner of the raw land, with an address of 3465 Dickerson Pike, is Mandar Hotels LLC. That entity is seemingly affiliated with Manek Holdings, which ceased work on a Radisson Red hotel, to be located at 333 Union St. in downtown Nashville, in late 2020 (read here).
Nashith Jobalia serves as managing member of Mandar Hotels LLC. Jobalia’s LinkedIn page notes he is CEO of MNJ Hospitality, which offers an address of 400 Sugartree Lane, Suite 300, in Franklin. Manek Holdings apparently offers the same address and suite number.
Jobalia could not be reached for comment.
As the Post reported in May 2020, an entity seemingly affiliated with Buffalo, New York-area-based Rane Property had secured permits for Altitude at 41, to be undertaken on the main segment of the roughly 40-acre site at 3465 Dickerson Pike. The project was to have included 280 apartments, a hotel, office and retail. The status of that project is unclear. No work has been done on the site.
The Post was unable to determine if brokers were involved in the transaction.
