NASHVILLE—CNL Growth Properties has inked a joint venture with Crescent Communities to develop a $40.3 million multifamily project in Franklin, TN, about 15 miles south of Nashville. The multifamily community will take the name Crescent Pool Springs.
“This development will meet the growing demand for luxury apartments in a thriving market,” says Andy Hyltin, president and CEO of the CNL REIT. “We continue to see opportunity in the multifamily sector as communities like these continue to attract new residents.”
Crescent Cool Springs is in the heart of an employment center that features more than 5.4 million square feet of office space, including the Nissan Americas and Healthways headquarters. The area also features 4.9 million square feet of retail space, including a regional destination mall.
Crescent Cool Springs will offer 252 units in three-story residential buildings with one-, two-, and three-bedroom floor plans. The average unit size will be 974 square feet. The community will feature a two-story clubhouse, business center, fitness center and swimming pool.
Last week, CNL entered into a joint venture with The Bainbridge Companies. The joint venture will develop a $40.1 million class A, garden-style multifamily community next to the Patterson Place shopping center in Durham, N.C.
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