Music Row Roundabout-based luxury apartment tower Element Music Row will put its 14 penthouse units (which is 13 more than most buildings) will go to auction:
One, two and three-bedroom penthouse residences are available ranging from 1,166 to 3,374 square feet. Starting bids for one-bedroom penthouses begin at $5,300 a month, two-bedroom penthouses at $5,600 and three-bedroom penthouses at $8,000 per month.
The auction will be online only and, in the great tradition of online auctions, there is a Buy Now (or, at least, Lease Now) option. The auctions close at year's end.
The penthouses top the 19-story tower with 430 total units, set to open in April 2016.
Nashville ranks as the best Southeast city in which to own rental residential property and sixth-best in the country, according to a recently issued quarterly report from All Property Management.
Rounding out the top five Southeastern cities are Raleigh, Louisville, Atlanta and Orlando.
The report — the Q2 2015 iteration of the quarterly “Rental Ranking Report” — gives Nashville its ranking primarily due to a 9.3 percent year-over-year rental price appreciation, which was 87 percent greater than that of the national average and one of highest rental price appreciation rates in the country during that period. Of note, per-foot rent rates at newer urban apartment buildings in Nashville are now at about $3 (thus begging the question: "Is what's good for an investor good for a renter?")
The report (see here) cites Nashville’s high 3.44 percent annual job growth rate, low rental residential vacancy rate (4.8 percent) and median average housing inventory (42 days) as indicators that demand for Nashville rental housing is “quite strong and will likely remain that way for many quarters to come.”
Seattle ranks No. 1 in the West region; Austin, No. 1 in the Southwest region; Columbus, Ohio, No. 1 in the Midwest region; and New York City, No. 1 in the Northeast region.
All Property Management bills itself as the U.S.'s largest online network of property management companies.
We won't say they're big trends yet, but two local economic indicators we track aren't as bullish as we'd like them to be heading toward 2016.
First, the initial September Nashville-area jobs data from the Bureau of Labor Statistics caught our eye for the wrong reasons. Other than the white-hot construction sector popping back to a double-digit yearly growth rate, there isn't a whole lot of good news to glean from the numbers. Job growth in the important manufacturing sector has been more than cut in half since July while leisure/hospitality and retail establishments have cooled their heels, too. Only the education/health sector is holding steady.
Second, take a peek at the latest (August) installment of the Freddie Mac Multi-Indicator Market Index of housing health for Nashville. Yes, it shows the region still up 10 percent from a year earlier but the month-to-month change that had been steadily positive since the spring went flat at a time when the big selling season hadn't yet ended. Something else to monitor — particularly if a housing slowdown hurts local consumer sentiment...
A Michigan investment group is targeting a prime block in SoBro for a large mixed-use project that would take the place of the Market Street Apartments. Adam Sichko at the Nashville Business Journal reports the development would comprise a hotel, condominiums and apartments and have a value that could reach $300 million.
Pohlman and his business partner, Jay Barnes, lead the firm Northern Capital Investments, based in Grand Rapids, Mich. Pohlman said the firm has developed 2.5 million square feet of commercial real estate space during its 18-year history, mostly in the Midwest.
For this project, Pohlman's firm is partnering with Chicago developer Dan McLean, of MCL Cos. The same tandem also is developing an apartment complex in Naples, Fla.
Update: The Nashville Fire Department has ruled the incident an arson and says a second fire set in another unit didn't take hold.
A section of a townhome complex under construction at Douglas and Montgomery avenues will need to be torn down and rebuilt after catching fire early Friday morning. The fire at the Highland Heights project, which will comprise about 30 units when complete, consumed at least two buildings — producing flames that towered 100 feet into the air — and also damaged some nearby utility poles. Check out reports at News2 here and NewsChannel 5 here.
Members of a 50-person stakeholders group tasked with helping steer Nashville's efforts to create an inclusionary zoning ordinance will gather for the first time tonight at 5:30 at the Howard Office Building downtown. The group, which includes Metro Council members as well representatives from the development sector and housing advocates, will help gather community feedback on the goals and ways Metro Planning should consider. Consulting firm Economic & Planning Systems, which runs four offices in the western United States, is conducting a feasibility study for Metro Planning.
SEE ALSO: Inclusive and affordable — but workable? (for subscribers only) from our new Boom magazine
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