There seems to be no stopping the Nashville-area housing market these days. The latest Freddie Mac Multi-Indicator Market Index shows a local housing economy rising for the fifth straight month to 90.0. It was under 79 in January and is now up 58 percent from its fall 2010 trough. Freddie Mac says Middle Tennessee is now the eighth-strongest housing market in the United States. (The company's national news release is here.)
In what should be an encouraging sign for many other local businesses, Freddie Mac researchers say the biggest gains are coming thanks to better payment-to-income ratios. Given how steadily home prices are rising, that statistic might suggest local workers' compensation is more than keeping up.
Nashville-base real estate investor and developer D.J. Wootson has a 22-unit apartment building in North Nashville under contract, The Tennessean reports.
Located at the northeast corner of the intersection of 28th Avenue North and Jefferson Street east of the Tennessee State University campus, the building is known as Jefferson Manor (see here courtesy of Google Maps).
Wootson (pictured), a principal with Nashville-based Titus Young Real Estate, also is eyeing 1821 Jefferson, a mixed-use building to offer 18 apartment units and about 3,000 square feet of retail space to house a Bongo Java-branded cafe and a Smoothie King (read more here). He is teaming with business partner John Ingram and Bongo Productions President Bob Bernstein on that project (an image for which is seen below) and hopes to break ground in October, according to the morning daily.
(Rendering courtesy of Titus Young Real Estate and Anthony Marlow)
One of Midtown’s more distinctive buildings is now for sale, thus continuing the hot real estate activity in the bustling district located west of downtown.
The property, listed for $2.5 million, is located at 1418 Church St. and recognized for its building’s unusual shape and color scheme. Spanning 9,729 square feet, the structure underwent an adaptive reuse update in the mid-2000s during the time when Nashville’s urban infill focus was developing some traction.
The building’s first floor serves as an events space; its second floor is home to three apartments. Kellie and Jerry Bryson own the property, having acquired it in June 2005 for $255,000.
Todd McGlamery of National Restaurant Properties has the listing.
The property is the most recent Midtown site to be listed for sale. Last week, the owners of the site home to Corner Pub Midtown listed their property (read more here).
There has been some confusion regarding the eventual height of SoBro, the luxury apartment building under construction at the southeast corner of the intersection of Demonbreun Street and Second Avenue.
An article in JLL’s The Investor noted SoBro could push nearly 400 feet. Relatedly, some local manmade environment enthusiasts (including this writer) have speculated the 33-story high-rise would stand at least 360 feet.
However, Giarratana Development officials told the Post on Wednesday that SoBro will top out at 341 feet. If standing today, the skyscraper would be Nashville’s 12th-tallest building, ranking behind the 354-foot-tall UBS Tower and ahead of the 300-foot-tall Sheraton Nashville Downtown.
WMG Realty Holding Co. is the project developer and comprises Wanxiang America Real Estate Group, Magellan Development and the aforementioned Giarratana Development.
Click here to read the JLL article, which offers an interesting look at banks providing loans for skyscraper construction.
(Image courtesy of WMG: This perspective shows SoBro as positioned at the corner of Third and Demonbreun. The little cream building seen here on the corner no longer stands and is being replaced by a six-story brick building to be home to The Diner)
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.
POSTDATA: WARRANTY DEEDS