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The Preiss Company Begins Development of Signature Music Row, a Multifamily Complex
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The Preiss Company has begun developing Signature Music Row, a 105-unit multifamily housing project in Nashville, Tennessee, marking its first entry into the Nashville market. This project is in partnership with Speedwagon Capital Partners and includes additional loan contributions from First Horizon, with JLL Capital Markets facilitating the debt arrangements. The development features various residential units and is strategically located near Vanderbilt University, amidst a thriving local economy bolstered by job growth from major companies like Amazon and Oracle.
Positive
First entry into Nashville market, indicating expansion opportunities.
Development near a major university enhances potential tenant demand.
Strategic partnership with Speedwagon Capital Partners boosts project credibility.
Negative
None.
Project Marks TPCO’s First Entry into Nashville Marketplace
NASHVILLE--(BUSINESS WIRE)--
Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced that the company has started development of Signature Music Row, a 105-unit multifamily housing project in Nashville, Tenn. TPCO partnered with Speedwagon Capital Partners on the development, and First Horizon provided additional loan contributions. JLL Capital Markets acted as the debt broker. Located in Nashville’s Music Row submarket, the new development is within walking distance of Vanderbilt University and The Vanderbilt University Medical Center.
“The Nashville market has enjoyed phenomenal growth over the past few years,” said Susan Folckemer, chief acquisition and development officer, TPCO. “Amazon recently added 10,000 positions locally, and Oracle is in the process of bringing multiple thousands more jobs to the region. Furthermore, Nashville consistently ranks as one of the top places to live in the Southern U.S., coming in at #1 Best Places to Live in Tennessee (U.S. World & News Report); #1 Metropolitan Economic Strength (Policom); and #3 ‘The South’s Best Cities 2020’ (Southern Living). We look forward to expanding our Tennessee footprint as we pursue our aggressive growth objectives.”
Signature Music Row is situated amongst some of the most iconic and historical country music recording studios in the world, just over a mile from Bridgestone Arena and the Country Music Hall of Fame near Nashville’s Edgehill Neighborhood and its multiple shops, parks and nightlife options. Units will include studio, one-, two- and three-bedroom configurations. Residential square footage will total 74,837 in 101 units, in addition to 3,000 square feet of class A clubhouse, leasing, fitness and amenity spaces, as well as a sky lounge overlooking Music Row. Accommodations will feature Corian countertops with tile backsplash, two tone cabinetry, stainless appliances, wood plank flooring throughout the unit and LED ceiling fans in each bedroom and living room. Bathrooms will have tiled baths or shower stalls.
“The Preiss Company is known for its ability to deliver best-in-class apartment projects in unbeatable locations,” said Roger Edwards, managing director, JLL Capital Markets. “The Signature Music Row development will provide residents with an ideal location to work, learn, live and relax, and we look forward to working on additional deals with TPCO moving forward.”
About The Preiss Company
Celebrating its 34th year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Speedwagon Capital Partners
Speedwagon Capital Partners is a private investment firm focused on identifying and investing internal and external capital in unique, inefficient, and dislocated opportunities where value can be created by leveraging our experience and financial resources. For more information, visit www.speedwagoncapital.com.
About First Horizon
First Horizon Corp. (NYSE: FHN), with $88.5 billion in assets as of September 30, 2021, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S.The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
