EJF Capital LLC and Chartwell Residential have formed a joint venture to invest $80 million in a two-phase, multifamily development with approximately 750 units in Nashville, Tenn.
The two communities will be located on the former Watkins College campus. The 13.6-acre project is in an area certified as a qualified opportunity zone under the Tax Cuts and Jobs Act of 2017.
The first phase, which includes approximately 375 multifamily units in a five-story structure with an above-grade parking garage, is slated to be under construction in early 2022 with delivery in early 2024. The second building will break ground thereafter and contain approximately 375 multifamily units. The site is adjacent to Amulet Lake, a 40-acre lake just north of downtown Nashville.
The Watkins College site is one of the last remaining viable sites in the 850-acre Metrocenter submarket, claiming its place as a high-profile marquee location in the submarket. Metrocenter became Nashville’s
