The suitor for Jefferson Manor apartments at 28th Avenue North and Jefferson Street is now known.
D.J. Wootson, a principal in Nashville-based Titus Young Real Estate LLC, has the 22-unit complex under contract.
“It’s just a part of the whole effort of adding to my affordable housing portfolio in the neighborhood,” said Wootson, who expects to close the deal by the end of next month.
It would be the fledgling developer’s latest purchase in the area of North Nashville he refers to as University City because of its proximity to campuses of historically black Tennessee State and Fisk universities and Meharry Medical College.
Wootson also owns the six-unit former College Terrace apartments, which he renovated and rebranded as 1826 Jefferson Street apartments.
In October he expects to start construction of 1821 Jefferson, a mixed-use project with 18 apartment units and roughly 3,000 square feet of street-level retail space for a Bongo Java-branded coffeehouse and a Smoothie King.
Nashville philanthropist and businessman John Ingram and Bongo Java owner Bob Bernstein are partners with Wootson in 1821 Jefferson.
Wootson is buying Jefferson Manor from local real estate developer and investor Bruce McNeilage, who was eyeing a sale price in the $925,000 range. On average, the apartments near Jefferson Street Missionary Baptist Church rent for $600 a month. All of the units are leased and there’s a waiting list.
Solo East update
Last month McNeilage said the deal to sell Jefferson Manor to an unidentified suitor was part of his continuing repositioning of capital.
On Thursday McNeilage provided an update on his latest project, the 121-unit Solo East condominium development in East Nashville.
Over the past 74 days, 61 of the condos have been presold, representing half of the units.
Originally, Solo East was to include 130 condos. “Because of demand and requests, we reduced the number of one-bedroom units and added additional two-bedroom units, and that reduced the number of the units by nine,” McNeilage said.
Of the remaining 60 available condos, 58 have one bedroom and only two have two bedrooms. By the end of September, prices of the remaining units now ranging between $149,900 and $230,000 are expected to increase by up to 15 percent, he said.
McNeilage expects construction of Solo East to start by the end of October. “I’m happy that the demand for affordable housing is being met by Solo East,” he said. “The demand to own units at Solo East is parallel when you look at the 100 percent occupancy and waiting list at Jefferson Manor.”
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.