Ian Bradley Reporter, Nashville Business Journal September 13, 2022 Original Article posted here.
Franklin-based Chartwell Residential is investing more than $217 million in the development of two new residential projects in Music City.
The company revealed construction costs for two of its developments currently under construction near downtown Nashville in a company news release.
The projects – The Chartwell at Marathon and The Chartwell at Watkins — will be a mix of multifamily housing, retail and restaurant space.
The Chartwell at Marathon will consist of 378 apartment units at 801 12th Ave. N. and 10 for-rent townhomes at 800 14th Ave. N. The $105 million project broke ground in June, and construction is expected to take around 18 months. A $63.2 million construction loan from Principal Life Insurance Co. will go toward the development, according to deeds previously filed with Metro. The company bought the property at 1601 State St. earlier this year for $9.47 million.
The Chartwell at Watkins is being built in two phases, the first of which is expected to cost $112 million. The project broke ground last month at the former Watkins College of Art campus in Metrocenter and is expected to be completed in 18 months. The first phase will include 377 apartments, an outdoor pool and lounge, tenant clubhouse, fitness center and a parking garage. When it’s completed, the complex will have a total of 800 apartments. Chartwell bought the property last year through a partnership with Virginia’s EJF Capital for $22.5 million. The release did not include development costs for phase two of The Chartwell at Watkins.
Chartwell isn’t the only firm in Nashville investing in apartments. As the city’s population continues to boom, developers see multifamily as a relatively safe investment. Across the Greater Nashville area, 15,400 units are under construction and 32,876 units have been proposed, according to ApartmentData.com.
Construction of Chartwell’s projects is being overseen by Franklin Construction Group, the company’s in-house construction firm. Both are in Qualified Opportunity Zones, federally designated areas marked for revitalization, economic development and job creation.
Chartwell is involved in the development of multiple communities throughout Middle Tennessee. The company announced in July plans for The Chartwell at Kedron Square, a 292-unit multifamily project in Spring Hill, accompanied by 27-single family cottages.
The company is also overseeing the development of a 14-story, 305-unit apartment complex in Midtown.
Featured images above and below are a rendering of The Chartwell at Watkins CHARTWELL RESIDENTIAL.
Article reposted with permission from Nashville Business Journal.