TriGate and Advent Form Strategic Partnership to Develop Single-Family Homes in Nashville, TN

DALLAS, TEXAS – Dallas-based TriGate Capital, LLC (“TriGate”) is a leading real estate investment manager focused on the recapitalization and repositioning of commercial real estate assets and companies. Through TriGate Property Partners III, L.P. (“Fund III”), TriGate has committed $20 million to a newly formed joint venture with Advent Capital. The joint venture will identify and develop for sale residential communities and homes across the Nashville MSA. TriGate and Advent recently closed on the land for its first investment, a 32-unit community in East Nashville that will begin construction later this month.

Advent Capital is the development arm of Legacy South, a Nashville based homebuilder founded in 2013 by Bailey Neal and Ben Carter. Together, the Advent and Legacy South companies act as residential developer and general contractor, building homes and communities around Nashville. The companies have methodically worked their way into a market leadership position and are now the third largest infill home developer in the city.

“We are pleased to provide growth capital to Advent’s already existing and successful residential business,” said Matt Rooney, Vice President at TriGate. “By partnering with Advent and contracting with Legacy South on the homes, TriGate is teaming up with a best-in-class developer and homebuilder in Nashville, a market that is poised for continued growth.”

The joint venture platform is synergistic for both firms. TriGate will gain additional exposure to the single-family asset class in a market that is severely undersupplied, while at the same time Advent will receive capital needed to source new investment opportunities and scale its construction business.

Bailey Neal, founder and CEO of Advent, added “We’re extremely excited to be partnering with such a highly reputable firm. This joint venture will provide synergies and allow Advent to continue to capitalize on Nashville’s unique residential development opportunities. We look forward to collaborating with the experienced team at TriGate and growing our business alongside them.”