Cumberland Advisors JV Breaks Ground on Nashville-Area Community
The project is part of a 250-acre mixed-use development that will bring residential, office and retail space.
A joint venture between Cumberland Advisors and Nicol Investment Co. has begun construction on Enclave at Providence Apartments, a 296-unit multifamily project in Mount Juliet, Tenn.
The upscale community is slated for completion in 2023, with the first units expected to start leasing in 2022.
The property is part of Providence Central, a 250-acre mixed-use development, just off Interstate 40, some 18 miles east of downtown Nashville. The project will add approximately 300,000 square feet of retail and 1.5 million square feet of office space to the area, according to Colliers’ website.
Enclave at Providence Apartments will consist of eight apartment buildings and one 12,000-square-foot commercial component. Tenants will have access to a gym, coworking space and café, a lounge, outdoor porch and community room, while exterior amenities will include a pool with patio, barbecue and fire-pit area, sand volleyball court and dog park.
New development drives infrastructure expansion
Funded by Cumberland Advisors, work has also begun on a 3,200 linear feet Parkway extension to Central Pike, which is expected to finalize at the end of the year. At the time of the project’s approval, expansion costs were estimated at approximately $7 million, the Tennessean reported.
Another infrastructure extension is in the planning stages for an Interstate 40 interchange at Central Pike. The project is expected to improve connectivity and traffic flow in the area and will be fully funded by the Tennessee Department of Transportation.
Nashville’s recovering multifamily sector
Although Nashville’s multifamily sector didn’t go unscathed amid the COVID-19 pandemic, a recent Yardi Matrix report shows demand is expected to accelerate in the context of a broader economic expansion. Approximately 16,500 units were in the pipeline as of April, with more than half slated for delivery this year, according to the same data provider.
The metro’s office and logistics sectors saw a strong recovery, which is likely to continue as large companies continue to relocate and begin operations in the region. Only recently, Amazon opened a 3.5 million-square-foot fulfillment center in Mount Juliet.