BRASS NEWS
Millennium Music Row has sold for $75.72 million, according to a Davidson County Register of Deeds document. The new owner of the five-story, 230-unit building, located at 70 Music Square W., is a partnership affiliated with Toronto-area-based Brass Enterprises Inc.
The seller was Houston-based The Dinerstein Cos., which paid about $11.59 million for the property in 2016 and then developed the site with the apartment building. Millennium opened in 2018. The transaction is the equivalent of $329,217 per unit. Previous deals have seen per-unit prices top $350,000.
Cushman & Wakefield announced the sale of Broadstone Junction, a 290-unit apartment community located in Norcross, Georgia, a suburb northeast of Atlanta.
“We are very excited about the acquisition of Broadstone Junction,” Aryeh Berger, COO at Brass Enterprises. “It’s a premier asset in one of the nation’s strongest and fastest-growing markets. The location provides a great blend of suburban living without sacrificing on centrality and proximity to job hubs and lifestyle amenities. Broadstone Junction has a desirable amenity set and is definitely well positioned to be an in-demand asset as the area continues to attract more renters.”
A Toronto-based multifamily investment firm expanded its U.S. footprint with its latest purchase. Brass Enterprises paid $107.63 million for a luxury apartment complex in St. Petersburg, Florida, dubbed the Hermitage Apartment Homes.
Brass Enterprises acquired the complex from Coral Gables, Florida-based The Allen Morris Co., which developed the apartments. Allen Morris broke ground on Hermitage in August 2014 and completed construction in 2017.
The Hermitage Apartment Homes, a luxury multi-family apartment community in downtown St. Petersburg, Florida, garners first place accolades at the 2018 Florida’s BEST Awards, presented by the Builder’s Association of South Florida (BASF) in the category of online Builder’s Overall Multi-Family for Rent Average Monthly Rental $1801 to $2500.
Florida’s BEST Awards celebrate professionals from leading industries, including developers, contractors, architects, interior designers, landscape architects, marketing specialists, mortgage and real estate brokers.
Mills Properties, one of the top St. Louis apartment owners, has sold The Orion, a 178-unit luxury apartment community in St. Louis, to Brass Enterprises. The seller developed the asset, which opened in early 2016 following approximately two years of construction, according to Yardi Matrix.
Located at 4567 W. Pine Blvd. in St. Louis’ Central West End submarket, the property sits within a mile of Interstate 64, providing access throughout the area.