{"id":1004050690,"date":"2012-09-05T07:09:31","date_gmt":"2012-09-05T15:09:31","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=67218"},"modified":"2020-04-02T11:05:18","modified_gmt":"2020-04-02T19:05:18","slug":"atlanta-investors-shaking-up-nashville-apartment-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atlanta-investors-shaking-up-nashville-apartment-market\/","title":{"rendered":"Atlanta Investors Shaking Up Nashville Apartment Market"},"content":{"rendered":"<p>By Eliza Theiss, Associate Editor<\/p>\n<p>Two of the multifamily&#8217;s biggest moves in the Nashville market of late have come from Atlanta-based operators. First, there was the groundbreaking of the 200-unit ParkCentral on Centennial Park, which was followed by the sale of the 220-unit Velocity in the Gulch.<\/p>\n<p>Located at 320 11<sup>th<\/sup> South Ave., Velocity in the Gulch initially opened in 2009 as<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/Velocity-in-the-Gulch.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-67219\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/Velocity-in-the-Gulch.jpg\" alt=\"\" width=\"300\" height=\"106\" \/><\/a> a mixed-use condo and retail project but it never quite got off the ground, as the condo market soon crashed as a result of the economic downturn. According to a <em>Nashville Business Journal <\/em>report, the property was developed by locals MarketStreet and Bristol Development Group. According to sources close to the project, the lender took back the property in 2010 through a deed in lieu of foreclosure, or &#8220;friendly foreclosure.&#8221;<\/p>\n<p>Atlanta-based Pollack Shores Real Estate Group purchased the property in March 2011 for $23.5 million and converted the unsold condo units into 220 apartments. Now, the real estate and services firm has sold Velocity for $37.5 million to Chicago-based Walton Street Capital. Neither sale included the 43 condos that sold previously to Velocity\u2019s foreclosure, nor did they include the ground-level retail space owned by MarketStreet Enterprises, according to the <em>Nashville Business Journal<\/em>.<\/p>\n<p>At a rate of over $170,000 per unit, the Velocity transaction is one of the most significant recent multifamily deals in the Nashville market.<\/p>\n<p>Another Atlanta-based player, North American Properties (NAP), recently shook things up with the groundbreaking of the 200-unit luxury rental community, ParkCentral, located at 220 25<sup>th<\/sup> Avenue next to Centennial Park. The eight-story development will feature community amenities such as a rooftop deck, a saltwater swimming pool and an outdoor kitchen. The resort-style clubroom and upscale fitness center will also be located on the roof.<\/p>\n<p>The development team includes project architect NilesBolton Associates, interior designer Design Environments Inc., outdoor space designer Site Solutions and engineer Barge Waggoner Sumer &amp; Cannon Inc., while NAP Construction LLC will manage construction. The one- and two-bedroom apartments are expect to be completed by the summer of 2013.<\/p>\n<p><em>Image Courtesy of Wilbert News Strategies<\/em><\/p>\n<p><em>For further Nashville market data, click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-rents-at-record-highs-in-nashville-no-new-completions-in-first-quarter\/1004060417.html\" target=\"_blank\" rel=\"nofollow\">here<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Eliza Theiss, Associate Editor Two of the multifamily&rsquo;s biggest moves in the Nashville market of late have come from Atlanta-based operators. First, there was the groundbreaking of the 200-unit ParkCentral on Centennial Park, which was followed by the sale of the 220-unit Velocity in the Gulch. Located at 320 11th South Ave., Velocity in [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004506118,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004050690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Atlanta Investors Shaking Up Nashville Apartment Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/atlanta-investors-shaking-up-nashville-apartment-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlanta Investors Shaking Up Nashville Apartment Market\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Two of the multifamily&rsquo;s biggest moves in the Nashville market of late have come from Atlanta-based operators. 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