Elmington Capital JV To Build Mixed-Income Nashville Community
Capstone arranged the sale of the 3.6-acre development site.
A joint venture between Elmington Capital Group and Woodbine Community Organization plans to build a 250-unit mixed-income community in Nashville, Tenn. To that end, the partnership acquired the 3.6-acre development site at 3720 Clarksville Pike. Property Cap LLC, an entity associated with Lightstone Management, sold the property with the assistance of Capstone.
In terms of financing, the project received $43 million in revenue bonds that were issued by Metro Nashville Health and Educational Facilities Board. Another $3 million came from the Barnes Housing Trust Fund.
Dubbed Orchard Hills, the community was designed to also feature 4,000 square feet of retail space. Common-area amenities are set to include a fitness center, a swimming pool and parking spaces. Southeast Venture serves as project architect, while Kimley-Horn will provide engineering and land-planning services.
The development site is near Ashland City Highway in the Bordeaux neighborhood, providing easy access to downtown Nashville. There are many dining options, retail spaces and green areas in the proximity, such as Bordeaux Park, Hartman Park Regional Center and Joseph Brown Mullins Park.
Capstone’s Austin Heithcock, Adam Klenk, Tyler Mayo, Jordan Arand and Jonathan Hawks represented the seller together with Chuck Paetz with The Venture Group.