Crescent Communities and Pearl Street Partners have opened the 435-unit NOVEL West Nashville. The community is the seventh multifamily development the two companies have partnered on.
Summit Contracting Group served as the general contractor, while Dwell Design Studio served as the architect. Other project partners included the civil engineering company Kimley-Horn, landscape design firm Edge and interior design company CID.
Ben Collins, executive managing director at Crescent Communities, said in a prepared statement that the property was 65 percent leased at the time of the opening. According to Yardi Matrix, Fifth Third Bank provided $57.3 million in construction financing back in 2018, with a four-year term. In June 2019, the project received a construction permit. Greystar Management was tapped to manage operations.
Located at 7113 Charlotte Pike, 10 minutes from downtown Nashville, the property features studios and one- to three-bedroom units distributed across six buildings. On-site amenities include a fitness center, volleyball court, pool with cabanas, as well as a pet park and washing station.
LTH Coffee and Social provides the community with an entertainment area, working as a café and workspace at daytime and turning into a social lounge and gathering space in the evenings.
The partnership between Crescent Communities and Pearl Street Partners has produced several multifamily and mixed-use projects all over Tennessee. One of such developments is Crescent Cool Springs, but the NOVEL branded series is also part of their portfolio with Lockwood Glen, Music Row and Bellevue Place.
The kickoff of NOVEL Harpeth Heights is scheduled for this week, while NOVEL White Fence Farm breaks ground this month in Denver. Another Nashville development, NOVEL Edgehill is in the process of being built.