Preiss Co. Breaks Ground on Nashville Project
The property is being developed with Speedwagon Capital Partners.
Signature Music Row. Rendering courtesy of The Preiss Co.
Privately-held student housing owner-operator The Preiss Company (TPCO) has commenced development of Signature Music Row in the Music Row submarket of Nashville, Tenn. TPCO partnered on the development with Speedwagon Capital Partners.
First Horizon furnished additional loan contributions. JLL Capital Markets served as the debt broker.
Signature Music Row will feature studio, one-, two- and three-bedroom floorplans. Residences will feature Corian countertops with tile backsplashes, two-tone cabinetry, wood plank flooring throughout each unit, LED ceiling fans in every bedroom and living room and, in bathrooms, tiled baths or shower stalls.
The community’s 101 units will offer 74,837 total square feet of residential space. More than 3,000 additional square feet of Class A clubhouse, leasing, fitness and amenity spaces will be offered, highlighted by a sky lounge overlooking Music Row.
Driving factors
“Nashville’s growth, the iconic location and choosing the right product for this location were all driving factors of our decision to move forward with the project at this time,” Susan Folckemer, TPCO chief acquisitions and development officer, told Multi-Housing News. “This is a boutique multifamily development, which always has its own unique challenges. Rising costs, site-related hurdles and ensuring we had the right general contractor were some of the challenges we faced when evaluating our final business plan.
“With TPCO’s development and operational experience, along with our partners at Speedwagon Capital, we selected RG Anderson as our general contractor and worked closely with the City of Nashville to overcome these challenges,” she added. Humphreys & Partners Architects and HPA Design Groups serve as the architects and interior designers to the project.
The new development will be within walking distance of Vanderbilt University and The Vanderbilt University Medical Center.
It will also be within an area of historic country music recording studios, near the Country Music Hall of Fame and in a district replete with retail shops, parks and many nightlife options. One day ago, Endeavor Real Estate broke ground on a different Nashville multifamily community.
