Origin Investments JV to Build Nashville Community
The firm has partnered with Price Development Group to construct a 320-unit property in the Sylvan Heights neighborhood.
Origin will soon start work on a 320-unit community in Nashville’s Sylvan Heights neighborhood, expecting strong post-pandemic growth within the city. With the help of JLL, the company formed a joint venture with Price Development Group (PDG) to develop the Class A community.
According to Origin, executive site work has already begun for PDG Charlotte and construction is expected to begin soon. The joint venture partner’s construction arm, PDG Construction, will be the project’s general contractor, while HEDK Architects designed the community and Kimley Horn served as civil engineer and landscape architect.
PDG also secured a $52 million construction loan for the project from UMB Bank, according to a report from Nashville Business Journal. The community is expected to be delivered in phases with the first of the units scheduled for completion in August 2023 and the final units for November 2023.
The units will be built as studios, one- and two-bedroom floorplans that range in size between 559 and 853 square feet. The five-story 248,260-square-foot community will also be built with a pool, two-story fitness center, working lounge, skydeck and parking garage that can accommodate 433 vehicles.
PDG Charlotte will be located five minutes away from downtown Nashville, which is home to several mixed-use developments that have drawn in several employers and retailers. Amazon has planted its flag in the city by being the anchor tenant at Nashville Yards, a $1 billion mixed-use development that offers more than 3.5 million square feet of creative office space. Nearby, Cambridge’s OneC1TY Nashville mixed-use development will offer one million square feet of office space, 100,000 square feet of retail space and a 175-key hotel.
NASHVILLE RANKS NO. 4 FOR ORIGIN
Kyle Verhasselt, vice president of acquisitions at Origin Investments, said in prepared remarks that the company has been actively scouting Nashville for some time and saw there was growth along the Charlotte Avenue corridor where the project will be located.
Origin used its proprietary machine learning database earlier this year to identify the top seven cities to invest in or develop communities in, where Nashville came in fourth. The company also recently closed its first qualified opportunity zone in July, raising $265 million that will fund up to 10 multifamily projects. Nashville and other nearby metros like Atlanta and Charlotte, N.C., were among Origin’s target markets for its fund.