Everything about the new apartments within the $750 million Capitol View development in downtown Nashville attests to the arms race that has consumed developers as they jockey for renters.
You’ll find, in no particular order: a wine cellar, poker room, songwriters’ room, golf simulator, yoga studio, a “zen courtyard,” a turf volleyball court and a saltwater swimming pool. There will be CrossFit equipment, Peloton exercise bikes and a resistance pool (basically, a treadmill for swimming). Oh, and don’t forget the forthcoming Publix in the ground floor of the building, plus restaurants such as noted Memphis chain Central BBQ.
The apartments are the latest piece to debut in the Capitol View development, which also includes a 17-story office building for subsidiaries of HCA Healthcare Inc. (NYSE: HCA) and the headquarters of LifeWay Christian Resources. Nashville tech company HealthStream Inc. (Nasdaq: HSTM) is moving its headquarters into a neighboring office building that is part of the project.
Charlotte-based developer Northwood Ravin created the apartments in partnership with Boyle Investment Co. Boyle is overseeing the entire Capitol View project alongside financial backer Northwestern Mutual Real Estate.
At a time when the supply of urban apartments is still outpacing demand, it’s not surprising that new projects such as Capitol View are bursting with amenities — while also dangling incentives in front of prospective renters, such as a month or two of free rent.
Almost 100 of the 378 apartments are leased thus far. A couple relocating from Los Angeles was talking with a leasing agent when the Nashville Business Journal arrived for a recent afternoon tour of the complex.
“We’re heading up the leaderboard. I like our prospects,” said Jeff Furman, a vice president of development at Northwood Ravin. “When you look at the unit options and the amenities, I think we offer a pretty compelling package. We were obviously offering some initial incentives, but now they’re burning off.”
Originally Published in the Nashville Business Journal
By Adam Sichko