Mathews snags buildings by Midtown's Elliston 23 apartments

03/11/2015 -

Mathews snags buildings by Midtown's Elliston 23 apartments

By   –  Senior Reporter, Nashville Business Journal

A group of investors, led by Nashville developer The Mathews Co., has paid $7.48 million for a mixed-use building in a fast-changing part of Midtown.

The three-story building, at 2214 Elliston Place, is one block from the high-end Elliston 23 apartment complex — and also another apartment tower proposed in January.

The investor group led by The Mathews Co., a third-generation company, now owns a building with 28,000 square feet, fully leased. The ground-floor retail tenants are IHOP and the William Edge salon.

All told, The Mathews Co. bought 0.75 acres, including a parking garage behind the retail-office building.

"What we really liked was the incredible location. This is right in line with what we've been doing," said Jody Moody, a vice president and acquisition officer for The Mathews Co. "We just felt like it was a great long-term investment to buy and hold, as that part of the market continues to grow and improve."

That mirrors the purpose behind another recent move made by The Mathews Co.: Acquiring full ownership of the historic St. Cloud Corner office building downtown, with ground-floor tenants including Puckett's Grocery & Restaurant.

Truxton Trust provided financing for the purchase of the Elliston Place building. The seller was Elliston Place LP, a group of private investors. The entity is registered to a Stephen Brink of Nashville, according to state records.

The local brokerage of Colliers International, which is part-owned by the Mathews family, will handle property management and leasing.

I have a rule about real estate: there’s a time to buy and a time to sell.  The trick is knowing when to do that.

You just have to have feel about it.” – Bob Mathews