Chicago, IL (February 25, 2020) – Pearlmark, in partnership with Verta Development, closed on the acquisition of an 8.4-acre land parcel in Nashville, TN with plans to develop Meridian Park, a 158-unit Class A apartment community. The site is located four miles northeast of downtown Nashville. Meridian Park benefits from its location in dynamic East Nashville, which is a rapidly gentrifying neighborhood that offers a discount to downtown multifamily rents and caters to a growing millennial population.
Pearlmark and Verta believe that Nashville represents an attractive market for multifamily real estate, driven by its diverse economy, low cost of living, creative culture and well-educated population. Nashville has seen strong job and population growth since 2010, driven by several major corporate relocations including Amazon, Alliance Bernstein and Asurion, among others.
Meridian Park will consist of 132 flats and 26 townhome units, with an average size of approximately 900 square feet. Construction will commence in March 2020 with units available to lease in summer 2021. Pearlmark and Verta have assembled a strong team to complete and manage the project, including Southeast Venture as lead architect, Highland Building Group as general contractor and Elmington Property Management as property manager.
“Verta is thrilled to kick-off this development and play a role in the continued revitalization of the East Nashville neighborhood. We look forward to working with Pearlmark to bring this exciting project to fruition,” said Marty Heflin, President of Verta Development.
Keith Page, lead executive on the transaction for Pearlmark stated, “Pearlmark looks forward to partnering with Verta and the rest of the design/development team to deliver this ground-up multifamily project in East Nashville. The large site has allowed us to design a comprehensive amenity package, which will create a compelling value proposition for those looking to live outside of the downtown Nashville core.”
Stephen Quazzo, CEO for Pearlmark, also commented, “We are excited to grow Pearlmark’s presence in Nashville with a best-in-class development partner in Verta Development. Meridian Park represents a unique opportunity to generate strong risk-adjusted returns in a market we know well.”
Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed more than 500 real estate equity and debt transactions on behalf of investors, representing $5.0 billion in equity capital commitments and more than $13.4 billion in gross investment value. Pearlmark has invested in approximately 57,000 apartment and residential units in major metropolitan areas across the U.S., comprised of $1.1 billion of multifamily acquisitions and more than $300 million of multifamily mezzanine debt investments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across the various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit https://www.pearlmark.com.
ABOUT VERTA DEVELOPMENT
Verta Development is a Nashville, Tennessee based real estate development firm. Verta specializes in multifamily housing and mixed-use community development and has been involved with developments in numerous Southeastern markets and the greater Washington DC metro area. The firm’s investment arm has been involved in numerous structured finance arrangements with a variety of partners from high net worth individuals and family offices to major real estate institutions. The firm’s partners have included such well-known entities as Prudential Real Estate, AIG, Pearlmark, Jemison Investments, Northwestern Mutual and MetLife. Verta is owned and managed by Marty Heflin, who has been involved in the development of over $380 million of real estate in the Southeast and Metro Washington DC area. For more information, please visit https://www.vertadevelopment.com.