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.
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.
As part of the Scene's 2015 Gimme Shelter issue, Jim Ridley traveled down to Columbia to see how the creative class is helping revitalize the center of the Maury County seat — without the not-so-good-at-all side effects that redevelopment has brought with it in parts of Nashville.
What's different is the energy feeding into the square these days. Startlingly affordable property, coupled with a zoning mix downtown that allows first-floor commercial and second-floor residential, is luring tech businesses, music companies, restaurants and a variety of boutiques back to the once fading town hub. So far, they say, there's no sign of the hipster poisoning, ruthless development or chain proliferation that has infected many Middle Tennessee hot spots.
(Photo by Eric England)
Charlotte, N.C.-based developer Spectrum Residential has released new images for its three-building, 310-unit project slated for the Stock-Yard site.
The Tennessean reports the company is considering offering some retail space fronting Third Avenue North across from First Tennessee Park.
Spectrum Residential will go before the Metro Development and Housing Agency Design Review Committee today to seek approval. The site, with an address of 900 Third Ave. N., sits within MDHA’s Phillips Jackson Redevelopment District and, as such, the buildings’ exterior designs need committee approval.
The Stock-Yard building will be incorporated into the project (pictured at left and below).
Read more here.
SoBro building to be rehabbed, house ST8MNT
Local business owners and married couple Bethany Newman and Josh Newman are undertaking a $400,000 adaptive reuse of a SoBro building that eventually will be home to their branding agency ST8MNT, Nashville Business Journal reports.
The Newmans paid $1.1 million in June for the 0.47-acre site located at at 822 Third Ave. S., according to NBJ.
ST8MNT clients include the Country Music Association, Live Nation Entertainment, Big Machine Label Group (Taylor Swift's label and management company) and Reba McEntire-founded Starstruck Entertainment.
See the site here courtesy of Google Maps. Read more here.
Murfreesboro retail center sells for $4.5M
Investment Partners LLC has sold for $4.5 million retail strip center Shoppes at Innsbrooke located in Murfreesboro.
According to a release, the buyer was Triple R Development, LLC represented by David Rosenblum with Alliant Commercial Realty Services.
Investment Partners partners Bobby Kirby and Jewell Hale developed Innsbrooke, construction of which was completed last year. Tenants are Dunkin Donuts, Smoothie King, AT&T, Avail Vapors, & Heartland Dental.
(Image courtesy of Spectrum Residential) (As seen from Third Avenue and looking east with CSX railroad bridge and Riverfront Condominiums in the background.)
Lee Co., one of the largest private companies headquartered in Williamson County, plans to build a 100,000-square-foot home office in the Berry Farms development, where it has bought about seven acres. Getahn Ward at The Tennessean has the details on the planned move, which is similar to one in the works for Dave Ramsey's financial planning enterprise.
Perko said Lee Co. chose Berry Farms to reasons similar to its choice of Cool Springs years ago for its current headquarters.
“It’s in the path of progress,” he said about Berry Farms where Lee Co.’s planned building will be among the first office space. “We feel like we’re getting ahead by being in the new development.”
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