Housing market research firm CoreLogic says Nashville-area home prices, including distressed sales, rose 7.9 percent in November compared to the year before. Taking out distressed sales, the year-over-year growth still came in at 6.8 percent. Both of those numbers are up from the month before and measure up pretty well compared the country's 10 biggest cities.
A Utah-based apartment investment company has bought apartment complexes in Goodlettsville and Murfreesboro for an undisclosed sum. In acquiring The Ridge at Green Haven and Summerlake, Peak Capital Partners has doubled its presence in greater Nashville, and founder and Managing Partner Jamie Dunn said his team expects to invest more in the region. The Ridge at Green Haven has 191 units and is 95 percent occupied while Summerlake has 176 units and is 92 percent full. Peak Capital was founded in 2007 and owns 80 apartment communities in 15 states.
Eighth South LLC will go before the Metro Planning Commission on Thursday, Jan. 8, to request a zoning change that would allow Phoenix-based developer Alliance Residential Co. to offer up to 200 residential units at its mixed-use project planned for the former Colonial Baking Co. site in Melrose and Berry Hill.
Specifically, Nashville-based Eighth South LLC (which owns the site) will ask that the commission allow a preliminary specific plan zoning. Currently, the Metro Nashville portion of the site (which also sits in land part of the City of Berry Hill) is zoned commercial services.
Alliance, which has yet to close on the purchase of the site, is currently calling the development Broadstone Eighth Avenue, according to Metro Planning Department documents.
The 2.3-acre site is located on the east side of Elliott Avenue between Hillview Heights and Inverness Avenue. The Berry Hill portion of the proposed Broadstone Eighth Avenue development includes 154 residential units as well as retail and restaurant space. The Berry Hill Zoning and Planning Commission approved that portion of the planned development on Dec. 1, 2014.
A proposed plan (see below) shows two residential buildings and a retail building that fronts Franklin Road.
The Nashville office of Kimley-Horn and Associates, is handling land planning and engineering duties. Atlanta-based Lord Aeck Sargent would serve as architect.
(Image courtesy of LAS)
Developers are looking to add more than 100 homes on 149 acres to two Brentwood subdivisions — one new, one an addition to Glen Abbey — east of Wilson Pike near Ravenwood High School. Jonathan Romeo at Brentwood Home Page has the details here.
We have two sets of local real estate statistics to pass on before year's end. First comes word from CoreLogic that the health of Middle Tennessee mortgages is still improving. After stalling out a bit during the spring and summer, both the foreclosure rate and the number of loans late 90 days or more fell markedly in October to levels not seen since the Great Recession began.
Secondly, multifamily market research firm Axiometrics says Nashville-area renters will end 2014 paying 5.5 percent more than they did a year ago. It won't be long until the average local effective rent breaks through the $1,000-per-month barrier.
The Nashville area's housing market is still growing healthier after a summer lull, according to the Freddie Mac Multi-Indicator Market Index, which measures various mortgage measures and other statistics. Middle Tennessee's improving job picture has a lot to do with that and gets a shout out in Freddie Mac's national index news release.
An updated image for Terra House, under construction on Rolling Mill Hill, is now out. SWH Residential Partners is the developer. Read more about the $35 million mixed-use project here. The below image shows shows the left side of the building running along Hermitage Avenue.
(Image courtesy of SWH Residential Partners and Smith Gee Studio)
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