The Northern
Work starts on $64.5M Madison apartment project
First units of 297-unit The Northern to open in late summer 2023
JAN 21, 2022
A Madison site that sold for about $3.9 million in 2021 is now seeing work underway on The Northern, a $64.5 million apartment development.
Chicago-based real estate investment firm Origin Investments is teaming with ZMX, Inc. and Forbes Plunkett, two Nashville-based development companies, on the effort, according to a release.
The 9.04-acre property has an address of 620 W. Due West Ave. near Interstate 65 and across from Goodpasture Christian School. The site is located roughly one mile from both Gallatin Pike and Ellington Parkway.
The Northern will offer 297 units housed in four four-story buildings. Amenities will include a swimming pool, fitness center, clubhouse with outdoor grilling areas, green space areas and pocket parks, secure parcel delivery room, bike storage and repair station, and dog park with grooming area.
Of note, rents are expected to be approximately 40 percent less than comparable Class A apartment buildings located in Nashville’s urbanized areas and core. The first units will be delivered in late summer 2023, with the last residences to be available for move-in in winter 2024.
The project’s design team includes Centric Architecture and Catalyst Design Group, with Patterson Real Estate Advisory Group procuring the capital. Fifth Third Bank is providing construction financing.
The property sits within Metro Councilmember Nancy VanReece’s District 8.
“We clearly recognize Madison as being in the path of progress as Nashville grows and gets more expansive,” ZMX President Bruce Most said in the release. “With job growth in Nashville continuing, The Northern will offer a more affordable and attractive alternative to the tremendous, but more expensive development taking place downtown.”
ZMX Inc. has completed $250 million of projects throughout the general Nashville area, and has a current pipeline of $300 million worth of multifamily and mixed-use projects in Tennessee and Florida. In addition to The Northern, ZMX and Forbes Plunkett are jointly developing The Yarra, a 69-unit for-sale townhome development adjacent to where The Northern is being developed. ZMX is also developing The Preserve, a 200-unit multifamily project, in the nearby Donelson submarket of Nashville.