Crescent Communities and Pearl Street Partners open apartments in Nashville
Crescent Communities and Pearl Street Partners have opened the 435-unit NOVEL West Nashville. The community is the seventh multi-family development on which the two companies have joined forces.
Summit Contracting Group served as the general contractor, while Dwell Design Studio served as the architect. Other project partners included civil engineering firm Kimley-Horn, landscaping firm Edge, and interior design firm CID.
Ben Collins, executive general manager of Crescent Communities, said in a prepared statement that the property was 65% leased at the time of opening. According to Yardi Matrix, Fifth Third Bank provided $ 57.3 million in construction financing in 2018, with a term of four years. In June 2019, the project received a building permit. Greystar Management was called upon to manage operations.
Located at 7113 Charlotte Pike, 10 minutes from downtown Nashville, the property offers studios and one- to three-bedroom units in six buildings. On-site facilities include a fitness center, volleyball court, swimming pool with cabanas, as well as a pet park and car wash.
LTH Coffee and Social provides the community with an entertainment space, functioning as a cafe and workspace during the day and transforming into a social lounge and gathering space by night.
The NOVEL pipeline
The partnership between Crescent Communities and Pearl Street Partners has produced several multi-family and mixed-use projects throughout Tennessee. One of those developments is Crescent Cool Springs, but the NOVEL branded series is also part of their portfolio with Lockwood Glen, Music Row and Bellevue Place.
NOVEL Harpeth Heights kicks off this week, while NOVEL White Fence Farm leads the way this month in Denver. Another Nashville development, NOVEL Edgehill is under construction.