A condominium development that ranges from upscale to luxury units is about a third of the way to a sell-out as it nears the finish line, a pace that its developer says is outdoing the rest of the Nashville market.
Austin-based Endeavor Real Estate Group also said its deals for pre-sales of 100 units at the Pullman at Gulch Union tower have brought $70 million in revenue, the Nashville Post reported.
The deals in the works will close this month, allowing the first residents to move into the 29-story tower at 1212 Demonbreun Street.
Prices start in the mid-$400,000s and range to $3 million.
Endeavor said it has averaged 15 sales contracts per month so far this year. That compares to 11 closings per month over the same period for the rest of the Nashville market, according to Realtracs Multiple Listing Service.
Boston-based private equity firm Long Wharf Capital is backing Endeavor on the project, which last year pivoted to for-sale condos from an earlier plan for rentals. The developer and financier cites a lack of inventory for condos as a reason for the switch.
Endeavor recently said its office tower adjacent to the condos is 90 percent leased.
The two towers are together known as the Gulch Union.
The condo project offers one-, two-, and three-bedroom condos as well as several penthouse units. Parks | Compass is handling presales.
Endeavor is known locally for 1200 Broadway, another tower that includes apartments and offices, with Whole Foods for a retail anchor.
A record-setting condo sale is in the works in Nashville. Todd Graves, the founder of fast-food chain Raising Cane’s, was under contract last month to pay $15 million for a 4,000-square-foot unit spanning half a floor at the Four Seasons Hotel & Residences, at 100 Demonbreun Street, which would be the city’s most-expensive condo sale.
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