Atlanta-based The Residential Group plans to open next month its now-named One MetroCenter Apartments in North Nashville.
Relatedly, the Atlanta-based company has tapped Pegasus Residential, which is also based in Georgia’s largest city, to handle management of the 320-unit apartment building. The property is located at 45 Vantage Way in MetroCenter.
Of note, the four-building One MetroCenter Apartments is the first residential development of its type located east of Rosa Parks Boulevard. Kurt Alexander, Residential Group principal, said a leasing trailer is now on the site.
“We will have our first move-in in the beginning of September,” he said.
One MetroCenter Apartments units will average 881 square feet, considerable larger than the average units found in apartment buildings located in downtown and Midtown. Units will rent for, on average, $1.75 per foot, Alexander said.
The Residential Group, which developed the 244-unit West End Village at the southwest corner of 31st Avenue and Long Boulevard in West End Park, has teamed with Horsepower Realty on One MetroCenter Apartments.
The health of Middle Tennessee's housing market continues to improve, according to research firm CoreLogic. At the end of May, just 0.38 percent of all homeowners were in foreclosure — compared to 0.56 percent statewide and 1.29 percent nationally — while the 90-day mortgage delinquency rate has dropped more than 40 basis points since the end of 2014.
The Middle Tennessee housing market continues to grow healthier, according to the Freddie Mac Multi-Indicator Market Index, which tracks transaction data as well as residents' incomes, mortgage applications and overall job growth. The measure ended May up more than 8 percent year over year, its fastest growth pace since last August and almost three points higher than in March. Nashville's MiMi reading is at its highest since January 2008.
Breaking down the latest MiMi reading — you can check it out here — the recent surge is mainly due to a big improvement in Nashville's job market. Mortgage applications and credit quality have been in good shape for a while, which leaves the index's payment-to-income ratio component as the only laggard. But it, too, is improving and has climbed four points to almost 73 in the past three months.
Research firm CoreLogic says Nashville-area home prices rose 7.7 percent in May 2015 as compared to the same month last year. Take out distressed sales and that number is still 7.6 percent.
CoreLogic's national data set is available here. Tennessee is one of 10 states experiencing record prices.
It's not so much a news flash as an affirmation of what a lot of us are seeing out and about every day: The Middle Tennessee area's housing market is growing stronger every month. Freddie Mac's Multi-Indicator Market Index rose to 87.4 in April and is now up almost 10 points from three months earlier. That's thanks largely to the region's strong job growth.
Freddie Mac's national report is here.
Nashville-based boutique developer Harpeth Development has a new image for its Solo East residential project slated for construction in South Inglewood.
Kline Swinney Associates is serving as the architect and project consultant, with Hardaway Construction as the general contractor. Both companies also are based locally.
Read more about the project here.
(Images courtesy of Harpeth Development, Bruce McNeilage and KSA)
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