NASHVILLE, TN (Dec. 19, 2018) – Crescent Communities today announced it has closed on the sale of NOVEL Bellevue Place, a 337-unit multifamily community located within the One Bellevue Place mixed-use development in Nashville. It was developed in partnership with Pearl Street Partners and acquired by The Praedium Group. This comes on the heels of the company closing on the sale of NOVEL Music Row earlier this month and sets the stage for Crescent Communities to continue its growth in the Nashville market.
Crescent Communities is currently developing two additional Nashville-area NOVEL communities with Pearl Street Partners. NOVEL Lockwood Glen in Franklin is currently leasing, and Crescent recently announced plans for NOVEL 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 $400M.
“NOVEL Bellevue Place and NOVEL Music Row are both strong examples of how engaged and contextual development has the ability to transform communities for the better and solidify a residential experience that bridges a rich past with the future,” said Benjamin Collins, senior managing director for Crescent Communities’ multifamily business. “While it is always bittersweet to sell a community that we have so much personal investment in, we are pleased to be able to entrust these communities to two exceptional owners. These sales will allow us to continue to expand our NOVEL brand across the Southeast and Southwest through our $1.5 billion development pipeline. Nashville’s growth, as well as the strong sense of community and engagement that exists here, make it one of our most important markets. We look forward to expanding our NOVEL brand in Nashville in the very near future.”
NOVEL Bellevue Place is notable as it represents one of the only suburban multifamily communities in the Nashville market walkable to restaurants and retail. NOVEL Bellevue Place is located within One Bellevue Place, a nearly one million square foot mixed-use community currently under development. In addition to more than 35 stores and restaurants already open, One Bellevue Place will also be the future home of the Nashville Predators practice facility. “It was gratifying to be part of creating a landmark mixed-use community like One Bellevue Place,” said Khris Pascarella, principal of Pearl Street Partners. “It has created new life and vitality into this established community, and we’re proud to have been part of it.”
On December 1st, Crescent Communities sold NOVEL Music Row, a recently stabilized 275-unit multifamily community at the intersection of the Gulch and Music Row at 1221 Division Street to The Dinerstein Companies. The site had a rich history as the former location of the iconic Sound Shop recording studio, which inspired Crescent to create a unique community that would pay homage to Nashville’s roots in music while offering high-end modern amenities. The sale represented the highest per unit value of a multifamily transaction ever in Nashville.
Nationally, Crescent Communities has a growing footprint, including 6,000 units under construction and in operations, representing a total investment of $1.5 billion. The sale of the two Nashville-area communities reflects the global approach of Crescent Communities to reinvest capital in new projects that align with the overall company strategy.
Construction financing for NOVEL Bellevue Place was provided by Fifth Third Bank. NOVEL Music Row was developed in partnership with Pearl Street Partners. RBS Citizens Bank provided construction financing. CBRE’s Russ Oldham, Brett Kingman, and Steve Massey represented Crescent Communities in both sales transactions.