Crescent Communities, Pearl Street Partners Sell Two Multifamily Complexes in Nashville
NASHVILLE, TENN. — Crescent Communities and Pearl Street Partners have sold Novel Bellevue Place, a 337-unit multifamily community in Nashville’s Bellevue neighborhood, to The Praedium Group for an undisclosed price. The partnership also sold Novel Music Row in downtown Nashville to The Dinerstein Cos. for an undisclosed price, but media reports have the price tag at $79.2 million.
Bellevue Place is located within One Bellevue Place, a mixed-use redevelopment of Bellevue Mall that is situated on 87 acres about 14 miles southwest of downtown Nashville. When complete, the site will also house the Nashville Predators’ practice facility. Amenities include a fitness center, pool and clubroom. Music Row is situated in Nashville’s Gulch neighborhood. Amenities include an outdoor kitchen area, dog park, pool, fitness center, clubroom and a performance stage. Both communities opened in summer 2017.
Fifth Third Bank provided the construction financing for Bellevue Place, and RBS Citizens Bank provided construction financing for Music Row. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented Crescent Communities in both sales transactions. Crescent Communities is currently developing two additional Nashville-area Novel communities with Pearl Street Partners. Lockwood Glen in Franklin is currently leasing, and Crescent recently announced plans for Nashville West, a 436-unit community set to deliver in spring 2020. To date, Crescent Communities and Pearl Street have developed nearly 2,000 multifamily units in the Nashville market, representing a total investment of nearly $400 million.