Thompson Thrift to Develop $90M Nashville-Area Project
First move-ins at the luxury property are scheduled for November 2027.
Thompson Thrift will develop The Statesman, a 340-unit luxury project in Gallatin, Tenn., within metro Nashville. First move-ins are expected in November 2027.
The capital stack for the development may include $56 million in debt and $33.6 million in equity from Thompson Thrift 2026 Multifamily Development LP, according to the company’s limited partnership offering memorandum. The LP closed with more than $222 million in commitments last February.
The Statesman will include low-rise buildings reaching two and three stories, floorplans calling for one- to three-bedroom layouts that average 1,077 square feet. Amenities will include a swimming pool, a gym and several courtyards, among others.
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Spanning nearly 25 acres, the site is near the intersection of Nashville Pike and Big Station Camp Boulevard, about 25 miles northeast of the downtown area. On an adjacent parcel, Lennar is developing a for-sale townhome project with infrastructure improvements that will include a road that will connect The Statesman to a nearby grocery store.
Thompson Thrift likewise has experience developing townhomes in the market, albeit for rent. In 2023, the developer brought online an 89-unit BTR community in Franklin, Tenn., dubbed Oakbrook Townhomes. One year later, the company sold the asset following its build-lease-sell model.
Under the same strategy, Thompson Thrift expects to divest The Statesman in the first quarter of 2029 with an underwritten market exit cap rate of 5.15 percent and an estimated sale price of $121.3 million, according to the LP offering memorandum.
Shrinking deliveries make way for short-term gains
Nashville’s multifamily deliveries on a trailing 12-month basis clocked in at 4.2 percent of total stock as of July, according to a Yardi Matrix report. However, the metro saw advertised rents rebound 0.8 percent month-over-month, suggesting that competitive pressures may be easing as deliveries temper.
Still, deliveries continue following the post-pandemic new construction spike. Earlier this month, a partnership between Flournoy Development Group and National Healthcare Corp. brought online the 332-unit Ellison Cool Springs in Franklin, Tenn.
