Georgia Company Buys Land In MetroCenter For New Luxury Apartments
This press release was originally released on Sept. 21, 2015
NASHVILLE, Tenn., September 21, 2015 – The Giddings Group of Augusta, Georgia closed yesterday on its purchase of 7.39 acres in MetroCenter, on which it plans to build a 251-unit luxury apartment complex. The property was purchased from Horsepower JV for $5 million.
“We are excited about moving ahead with our first project in Nashville, which we see as one of the most desirable markets in the country for multi-family real estate. And we believe we have one of the most desirable locations in the city – it’s near downtown and Germantown, has easy access to I-65 and the Cumberland River Greenway is only steps away,” said Peter Caye III, The Giddings Group’s managing partner.
The four-story luxury apartment complex, to be known as “The Duke Nashville,” will offer studio, one- and two-bedroom units. Focused on an enriched community experience and an enhanced lifestyle for residents, the new apartments will feature gourmet kitchens, resort-style community amenities, spacious floor plans and plenty of surface parking.
“I look for The Duke Nashville to be one of the most successful apartment projects in town,” said Southeast Ventures Principal Tarek El Gammal, who represented both buyer and seller in the transaction. “It’s a great location and the Giddings Group has extensive experience in multi-family real estate, as it owns other properties in Georgia and Texas. Plus, because of the surface parking available, they will not have to build an expensive parking garage, which will allow them to offer luxury apartments at very competitive rental rates.”
About the Giddings Group
The Giddings Group is focused on multi-family construction and the development of quality environments promoting community. The company is known for building places that people want to live and it works to make each development hit the mark. The Augusta, Georgia-based company was formed in 2011 and is led by Managing Member Pete Caye Jr. and Managing Partner Peter Caye III, both of whom have extensive experience in developing multi-family residential real estate. For more information, visit Giddings-Group.com or find The Giddings Group on Twitter @GiddingsGroup.
About Southeast Venture
Founded in 1981, Southeast Venture is a diversified commercial real estate and design services company guided by a mission of “Building Value by Valuing Relationships.” The firm provides and coordinates the delivery of brokerage, development, architectural and interior design and property management. For more information, visit SoutheastVenture.com, or find Southeast Venture on Twitter @SEVentureCRE.