Chicago-based Origin Investments has entered into a joint venture with Kansas City-based Price Development Group (PDG) to develop a 320-unit multifamily community in Sylvan Heights, Tennessee, one of the fastest growing neighborhoods near downtown Nashville.
A team of capital markets investment advisors from JLL helped facilitate the joint venture.
The Project is a 320-unit multifamily development that will feature a mix of studio (19%), one-bedroom, one-bathroom (55%) and two-bedroom, two-bathroom (26%) units. Also included in the development is a six-story parking garage for 433 vehicles. The project will sit on a 5.03-acre site that is bounded on the north by I-40, the south by Charlotte Ave., the east by 38th Ave., and on the west by an existing light industrial property.
The Class-A development is a five-story, Type III-A wrap that will envelope a central courtyard. Market-leading amenities for PDG Charlotte will be hospitality-quality and include a pool, two-story full-service fitness center, a working lounge with both coworking and private work booths, a fifth floor ±2,000 square foot Skydeck and lounge with bar seating and beer vending. These all will be punctuated with sweeping views of downtown Nashville and the surrounding areas.
The project’s location places the project in the center of a rapidly appreciating, popular residential neighborhood because of its proximity to downtown and leading area employers, and its position in the path of progress for residential development and adaptive reuse projects in the area.
It is within a five-minute drive of Downtown Nashville, resulting in proximity to Nashville Yards, a $1 billion mixed-use development that is anchored by Amazon and in total has 12,000 employees.
Extensive site work already has begun, with construction set to begin shortly. PDG Construction will serve as General Contractor. Units will be delivered in phases, with delivery of the first scheduled for August 2023 and the last in November 2023.