Construction should start this week on a new 320-unit, high-density apartment community in MetroCenter.
Atlanta-based The Residential Group recently completed its purchase of nearly 12 acres on Vantage Way for the project. It paid about $6 million for the property located between Downtown Nashville Nissan and offices of Metro Center Health Care Group.
It will be only the second market-rate apartment community in the MetroCenter office park area.
"Our goal is to create a true mixed-use environment in MetroCenter by supporting the over 13,000 jobs that exist there," said Kurt Alexander, a principal in The Residential Group.
Average monthly rents for the apartment units will be $300 to $400 below market, Alexander said. On average, one bedroom units will rent for $1,300 a month and two-bedroom units for $1,650 a month.
The Residential Group's in-house construction company, TRG Builders TN II, will build the complex tentatively called MetroCenter Apartment Homes. The Atlanta-based multifamily division of Birmingham, Ala.-based Davis Architects is the design firm on the project.
The units will be larger than at West End Village apartments, which The Residential Group built and then sold.
Gilbert Smith of Equitable Property Co. represented both The Residential Group and seller, Horsepower Realty LLC, which is led by Rusty Dunn, in the land transaction.
Five months ago, The Residential Group sold the 244-unit West End Village at Long Boulevard and 31st Avenue North — the company's first apartment development in Nashville — for $51.3 million. The buyer was LaSalle Investment Management Inc.