PMG JV Tops Off in Nashville
First move-ins are expected later this year.
A joint venture of PMG, New Valley and RMWC has topped off Society Nashville in Tennessee. Located at 915 Division St. in the popular enclave of The Gulch, the 16-story, 502-unit mixed-use development is slated to begin welcoming first move-ins later this year.
Three years ago, the project benefitted from a $162 million construction loan from Square Mile Capital, as well as $35 million in equity via CrowdStreet. It is part of the growing Society Living multifamily platform from PMG.
The Baker Barrios Architects-designed property will offer approximately 8,400 square feet of retail space and 485 parking slots. The units will provide a range of traditional studio to three-bedroom residences, as well as a small number of co-living or “rent-by-bedroom” options.
“Thankfully, we did not encounter any major problems during vertical construction of Society Nashville,” Brian Koles, senior director of corporate development for PMG, told Multi-Housing News. “We’re extremely grateful to have smoothly reached this milestone.”
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Common-area amenities at Society Nashville will include coworking spaces, a sky deck, a fitness center, a pool and a music room. Residents will able to participate in scheduled events such as in-building fitness classes and networking get-togethers. Using a newly developed mobile app, residents will also be able to utilize mobile keys, manage guests, pay rent, request maintenance, track packages and sign up for events.
Spotting a demand for reasonably priced apartment communities located near desirable urban centers, PMG launched its Society Living multifamily brand in 2019. Under the tagline of “Choose Happiness,” Society Living emphasizes the creation of inspiring multifamily communities encouraging a culture of unity.
PMG plans to develop more than 8,500 Society Living residential units, with properties already underway in Orlando, Fort Lauderdale, Denver, Atlanta and Brooklyn and additional projects in the pipeline.
Two weeks ago, the $10 million restoration of landmark 13-story Nashville condominium Rokeby reached completion. Designed by architect Eric Scowden and Goodwyn Mills Cawood Inc., the building has been under renovations since August of 2022. It features 63 luxury units originally completed in 1976.
