Even a very cursory check of Nashville's apartment market will show that rents continue to climb steadily even as new units are being brought to market by the hundreds. Now research firm Axiometrics has the numbers: The annual effective rent growth in the It City was 5.5 percent in June, up from 4.7 percent in March and 4.1 percent a year ago. Occupancy inched up to 96 percent, staying ahead of the national average by about a point.
Real estate data firm CoreLogic says the percentage of Nashville-area home loans that are at least 90 days behind fell in May to 3.08 percent from 3.15 percent the month before and 3.95 percent in May of 2013. If recent trends hold, the delinquency rate will be well below 3 percent by summer's end and about half its number during the peak of the Great Recession.
Similarly, CoreLogic says the Nashville MSA's foreclosure rate dipped to 0.53 percent from 0.57 percent in April and 1.02 percent a year earlier. That number peaked just under 2 percent in early 2011.
Charlotte-based Childress Klein Properties will use Element Music Row as the name of its 19-story mixed-use tower under construction at 1515 Demonbreun St. in Midtown.
The building — which will feature 431 apartment units, about 6,000 square feet of retail space and a 600-space garage — will front Musica on the Music Row Roundabout.
Fred Klein (pictured), CKP partner, said the marketing move involving the naming will be accompanied by a website that should go live in a few weeks.
“We plan to begin pre-leasing in summer 2015,” he said.
Klein said 1515 Demonbreun was a working name used in a general manner until an official name was given. Temporary signage with “Element Music Row” was installed at the worksite last week.
Element Music Row joins fellow Childress Klein buildings Element Uptown (located on the fringe of Charlotte’s central business district) and Element at Carolina Bay (located in Charleston, South Carolina). The development company is also working on Element South, to be located in Ballentyne near Charlotte.
Atlanta-based architect Rule Joy Trammell + Rubio, which designed Element Uptown, has designed the Music Row Roundabout tower.
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The Tennessee Housing Development Agency has selected the Franklin Housing Authority to receive $10.5 million in tax credits that will be the financial cornerstone of a 65-unit housing development near the Williamson County Library.
Construction is expected to start late this year and be completed about a year later. The single-family houses and townhomes will complement a senior housing building completed last year and are part of a large-scale plan to rejuvenate and grow the hundreds of housing units under the Franklin Housing Authority's umbrella.
Six-year-old local company HouseLens, which markets videos to help homeowners market their properties, is on the hunt for growth capital. Milt Capps has the details at Venture Nashville, including the projection by HouseLens founder and CEO Andrew Crefeld that the company should double revenues to $3.6 million in 2015.
The company previously received a $500K equity capital investment plus $500K in licensing fees for rights to develop five markets from Stefan and Inga Wiese, a German couple now living in Middle Tennessee, Crefield said. HouseLens employees also are offered ownership incentives.
CoreLogic has published its latest Home Price Index, which suggests that the dour forecasts for 2014 Nashville-area home price gains may come to pass after all. CoreLogic says that, including distressed sales, Middle Tennessee home prices in April climbed 9.5 percent from 12 months before. But take out distressed sales and the year-over-year price gains shrank to 7.2 percent. Two months earlier, they were still in double digits.
SEE ALSO: CoreLogic's national release