Premier Nashville Condo Goes Rental
- Mar 18, 2011
Nashville–Velocity opened its doors in 2009 as a high-end condominium community in The Gulch, a burgeoning new 60-acre district in downtown Nashville, and those very same doors will swing open to renters come March 25. Velocity’s conversion to apartments comes courtesy of Pollack Partners, which just acquired the 220 unsold units at the 263-residence mixed-use property.
Developed by a joint venture consisting of Bristol Development Group and MarketStreet Enterprises and designed by KA Architecture, the five-story Velocity is one of many residential properties in The Gulch, a formerly blighted one-time rail yard that now holds the distinction of being the first LEED-certified neighborhood in the Southeast. In addition to contributing one- and two-bedroom units to The Gulch’s residential offerings, Velocity also brings 21,000 square feet of street-level retail space. In addition to featuring such amenities as a fitness studio and rooftop lounge, Velocity offers eco-friendly living with such sustainable features as storm water runoff quality management systems, drought tolerant landscaping, bicycle storage and Energy Star-rated appliances.
Pollack’s decision to take the for-sale signs off the newly acquired units and replace it with a list of monthly rental rates is a sensible move in the eyes of original developer Bristol. “Demand for upscale apartments in the downtown West End market is particularly strong,” Charles Carlisle, CEO and principal at Bristol, tells MHN. “We built a project called 1700 Midtown in March 2010, and we leased it up at a pace of 30 units a month. The occupancy level remains in the 97 to 98 percent range, and rents come with no concessions.”
Nashville renters are keen on the city’s central business district. “No new apartments have been built in the downtown West End area in 10 years,” Carlisle notes. “We believe there is pent-up demand, so that’s why 1700 leased up so well. I think Velocity will do very well as a rental property.”