Multifamily real estate investment platform PENLER has broken ground on its second multifamily community. It also added John Ladson – a 20-year veteran of multifamily development – as a partner to oversee its new developments.
New Development
Construction begins this month on a two-story, 240-unit garden-style community in the upscale Nashville, Tennessee suburb of Gallatin. Each apartment has a direct private entry, which means residents enter their residences without having to use a hallway or breezeway. This creates a townhome feel and blends the community with the high-end residential housing nearby. Its location on Nashville’s northern bypass gives residents easy access to major employers and several nearby shopping options.
The gated community will include a 24-hour fitness club with cardio and yoga functionalities, a resort-style pool, a fire pit, gas grills, a playground, club lounge space and package lockers. The apartments have open floor plans, energy-efficient stainless steel kitchen appliances, granite countertops, 9-foot ceilings, wood-grain plank flooring, ceiling fans and washer/dryers. The community is scheduled to welcome its first residents in the fall of 2021.
“We could not be more excited to get this project started. It will be the only two-story rental community in the sub-market. We are proud of the thoughtful design we have employed and expect it to be well received by the rapidly growing Gallatin population,” said Managing Partner Brian Metzler. “The community will offer impressive amenities and finishes at competitive rents.”
The Parker in Dawsonville, Ga., which the firm is also developing, is expected to deliver the first units at the end of the year.
New Partner
John Ladson, who spent almost 20 years with national firm Gables Residential, joins PENLER as its newest partner and Managing Director. Ladson now sources new development opportunities, manages PENLER’s development pipeline, and leads the design, entitlement, and construction efforts for each of the firm’s new developments. His experience includes multifamily product types ranging from townhomes to high-rise towers, over 2,600 units of green-built apartment homes, and highly successful student-oriented communities.
While at Gables, Ladson played a critical role in the sourcing, conception, financing, design, construction and lease-up of its Class A apartment communities. His development sponsorship portfolio includes award-winning projects in Atlanta, Florida and the Mid-Atlantic, with a combined stabilized value of more than $1.8 billion. The Urban Land Institute, National Association of Homebuilders, EarthCraft, the Atlanta Business Chronicle and others have recognized his team’s projects for excellence. Ladson serves on the Boards of Directors of the Georgia Apartment Association and the Atlanta Apartment Association. He is also an active member of the Urban Land Institute (ULI) and National Multi-Housing Council (NMHC.) He received his B.A. from Dartmouth College.
“We are thrilled to add John to the team,” said Managing Partner Graham Carpenter. “While PENLER is still a young company, we are continuing to grow even in the current environment. We are now well-positioned with an exceptionally talented management team in place to continue adding new projects to our portfolio.”