A North Carolina-based commercial real estate firm has paid $5.3 million for 3.26 acres on Rosa L. Parks Boulevard with plans for its first Nashville-area apartments.
Blue Heron Asset Management is partnering with Nashville-based real estate developer Imagine1 Co. on the project that’s tentatively named “Gateway Germantown.”
Plans call for 330 multifamily units plus 5,800 square feet of retail space. The Gateway Germantown building is expected to rise six stories at the corner of Rosa L. Parks and Garfield Street, five stories elsewhere along Rosa L. Parks and three stories farther down Garfield.
Maurice Malfatti, Blue Heron’s managing principal, said the developer had closely monitored Nashville for several years.
“We believe that the region’s economic drivers that have produced job and population growth that is among the top in the nation provides us with a solid foundation for a successful project,” Malfatti said. “We believe that this location, with proximity to the central business district, Germantown restaurants and shops, Interstate 65 and MetroCenter, will offer great access to neighborhood amenities to the future residents of our apartments.”
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Source: The Tennessean