Amid Higher than Expected Sales, Twelve|Twelve Condominium Named Finalist for NAHB 2015 Pillar Award

Fort Lauderdale, FL-based commercial real estate firm Stiles and Nashville, TN-based Hensler Development Group announced today that Twelve|Twelve is a finalist for a 2015 National Association of Home Builders (NAHB) Multifamily Pillars of the Industry Award for Best Condominium Community. One of the most coveted honors in the industry, the award recognizes excellence in multifamily design, development, management, and marketing.

Developed as a joint venture between Hensler Development Group and Stiles, Twelve|Twelve is a new 286-unit, 23-story, luxury condominium rising from the intersection of 12th Avenue South and Laurel Street in the Gulch neighborhood of downtown Nashville. Originally developed as a luxury rental apartment, this LEED certified project was converted to a condominium during construction.

"We are very proud to be recognized along with the distinguished group of nominees, all of whom represent the top tier of the multifamily housing industry," said Ray Hensler, Founder of Hensler Development Group. "Despite a flurry of new construction activity, Twelve|Twelve is arguably the Southeast's most luxurious mixed-use high-rise completed since 2009. We are pleased to see the market response to Twelve|Twelve as it continues its stunning sales pace with units expected to sell-out by the end of the year."

Twelve|Twelve welcomed its first residents in December 2014, just prior to its completion in January of 2015. According to Hensler, in less than a year, 87% of available units have been sold with overall prices averaging approximately $500 per square foot. He also noted that the remaining 37 units are expected to contract and close before the end of the year.

Twelve|Twelve, the only Pillar Award finalist from Tennessee in the "Best Condominium Community" category is being recognized on the basis of Innovative Design, Quality, and Viability. The project, designed by Hastings Architecture Associates, is distinguished by an architecturally significant, crystalline glass tower that is divided into two masses by a metal panel ribbon, resulting in more elegantly proportioned forms. At the street level, the project's engaging retail space and outdoor dining patio activates the corner of 12th Avenue South and Laurel Street.

According to Hensler, the project's design and construction delivers a living experience unlike any other in the city. "Our Twelve|Twelve project offers a unique combination of location, quality and amenities that have, once again, helped raise the luxury condo bar in Nashville," said Hensler. "Consistent with the upscale urban experience and nightlife of the Gulch, we wanted to create a project where residents and guests will want to gather. For example, the fifth-floor amenity terrace allows owners to share in a variety of outdoor experiences offering cabanas, a saline pool, fire pits, outdoor kitchens, and a lush urban garden with magnificent panoramic views of the city's growing skyline."

Twelve|Twelve units feature one and two bedroom residences, two and three bedroom penthouses and two guest suites available for resident's use. Each unit features floor to ceiling windows with unobstructed views of the surrounding areas. Unit finishes include wide-plank wood flooring throughout, eat-in kitchen and high-end appliances.

This Pillar Award is Hensler's third nomination and potential win in fifteen years. In 2009, Hensler won a Pillar Award for Adelicia, a 186-unit, 18-story mixed-use luxury condominium in Nashville, TN. In 2000, when Stiles won a Pillar Award for Sunrise Harbor, a 368-unit mixed-use luxury apartment community in Fort Lauderdale, FL, Hensler was recognized for leading the development of that project from concept to completion.

Award winners will be announced at 2 p.m. EST on Oct. 15, 2015 in an online presentation. Hundreds of entries—representing apartment and condo communities from across the country—vied for this year's awards, which are considered among the most prestigious in the housing industry. For the full list of finalists and winners visitwww.nahb.org/en/find/award-programs/multifamily-pillars-awards.aspx

About Stiles

Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 43 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. In addition to its core services, Stiles founded the Stiles Property Fund in 2011 as a discretionary value-added real estate fund focused on existing distressed office and retail real estate in Florida. Headquartered in Fort Lauderdale, Stiles has built its footprint throughout Miami, West Palm Beach, Naples/Fort Myers, Tampa, Orlando, and Jacksonville, Florida. The company also maintains a development office in Charlotte, North Carolina. Learn more about Stiles at www.stiles.com or contact 954-627-9300.

About Hensler Development Group (HDG)

Prior to founding HDG to concentrate on delivering class A luxury, urban, mixed-use communities, Hensler had overall acquisition and development responsibility for more than 2,500,000 square feet of retail, residential (condos and apartments), office and industrial property representing a value of more than $275,000,000. In 2008, another Hensler joint venture (CRP) developed the NAHB Pillar award winning Adelicia, an 18-story mixed-use luxury condominium in Nashville, TN. The Adelicia featured 186 units, 9,000 square feet of commercial office and retail space, as well as a acre private urban park dedicated to the project's namesake, Adelicia Acklen. Since achieving its sellout early in 2009 the Adelicia has established itself as the most prestigious high-rise condo community in Nashville. HDG is uniquely positioned to leverage the unprecedented growth and appeal of Nashville and continue delivering the latest and greatest innovations in luxury high rise urban living.

 

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