The developer of various local multi-unit residential buildings has closed on the purchase of a Hillsboro Village property on which it wants to develop a 36-unit structure.
FH Hillsboro Village LLC has bought 1710 19th Ave. S. The address, according to Metro records, is the same as that of the Nashville office of Stonehenge, which has developed 11North (in the North Gulch) and Note 16 (in Music Row) and is currently developing 23Hundred Berry Hill. Company officials could not be reached for comment, but a source close to the project said Stonehenge will need to buy 1708 19th Ave. S. as part of the effort.
Relatedly, the Metro Board of Zoning Appeals has deferred until Thursday, June 20, a variance request vote related to the proposed development.
Read more about the planned project here.
Ground is slated to be broken by late summer on East Side Apartments, to be located at 909 Main St. in East Nashville.
The approximately $7.4 million development, which was announced in late 2012, will feature both a four-story building and for-rent townhomes with their own garages. It will offer 71 units.
Adam Leibowitz, who leads a group of silent investors that created East Side Development Partners LLC for the project, said East Side Apartments (read more here) has remained viable despite rumblings from some that the project had been scrapped.
“After about a six-month delay working through cost constraints, we’re in the process of finalizing our plans and anticipate breaking ground by late summer,” Leibowitz said.
Leibowitz said “site conditions” contributed to the delay. He declined to offer specifics.
“Development takes a long time,” he said. “That’s the nature of this business."
Elliston 23 — the only combination residential/retail building located on the storied Ellison Place — is ready for its first tenants, with developer Southern Land Co. having opened a leasing office in the building.
To date, the 331-unit E23 (see photo below) is 20 percent preleased. The Midtown-based building’s first residents moved in earlier this week.
Work began on E23, which rises six stories, began in late 2011. The building’s ground- level spaces houses 15,000 square feet of retail space. Southern Land has not announced a retail tenant as yet.
“The delivery of our model units will be very beneficial in showing prospects the level of detail and finish that has been implemented in developing E23,” Michael McNally, Southern Land vice president of multifamily development, said in a release. “We are looking forward to a productive summer.”
E23 is located on 2.7 acres, with its dominant section fronting the northeast corner of the Elliston Place and 23rd Avenue intersection. The site formerly was home to Father Ryan High School.
I & G Elliston Inc. has released a rendering for its proposed 2110 Elliston, construction on which is expected to begin within the next few weeks.
Chicago-based LaSalle Investment Management and local developer Tony Giarratana are teaming on the six-story residential project, to be located at 2110 Elliston Place and 201 21st Ave. N. The site was previously home to a building housing a dry cleaning business.
The Atlanta office of Birmingham-based Davis Architects is handling the design of 2110 Elliston. The building, which will offer 105 for-rent units, is expected to be clad in a gray stucco, with a masonry base. It will offer a contemporary aesthetic.
Davis Architects designed West End Village (located at 31st Avenue and Long Boulevard). The firm also designed Note 16 (Music Row), Pine Street Flats (nearing completion in The Gulch) and 1505 Demonbreun (which will soon rise).
The annual effective rent growth rate for apartments in Nashville is holding its own while, on a national scale, rates are at the lowest level in the past 31 months.
Axiometrics Inc., a provider of apartment data and research, reported this week that Nashville rents in March are growing at a 4.7 percent, the same rate as in March 2012. Nashville ranked 18th out of 100 metro rental markets in the survey. Nationally, the annual effective rental growth is 3.2 percent compared to 4.1 percent at this point a year ago.
While nationally, the effective rent growth is weaker than it has been in recent months, the occupancy rate continues to strengthen and has reached a national average of 94.4 percent. Thirty-eight of the top 88 metropolitan statistical areas are generating occupancy rates above 95 percent.
Nashville’s current occupancy rate, according to the survey, is 95.4 percent. Revenue growth locally dipped half a percentage point from 5.6 percent last year to 5.1 percent. Nationally, revenue was down a full percentage point, dipping to 3.5 percent from 4.5 percent last year.
By this time next year, when Axiometrics issues the 2014 survey, there will be hundreds of new apartment units online in Middle Tennessee. It remains to be seen how the current apartment boom will impact rental growth and occupancy rates.
A partnership formed by Dallas-based Lincoln Property Co. and MetLife earlier this week closed on the $2.7 million purchase of Hope Gardens property located next to Row8.9n and across from the Nashville Farmers’ Market, The Tennessean reports. The entity plans to develop a 232-unit apartment building on the North Nashville site. Read more here.
PropertyManagementInsider.com offers an interesting look at Nashville's healthy jobs and apartments growth. The Bureau of Labor Statistics recently pegged Nashville’s 2012 job growth at about 30,000 positions — a big increase from its previous estimate. This bodes well in terms of the city finding residents for all the new urban apartment projects. Read more here.
After I wrote, earlier this week, a blog post regarding Texas-based Lincoln Property Company and its Hope Gardens project (read more here), local manmade environment hobbyist Ron Brewer alerted me to a tidbit. Brewer, who serves as moderator for the urbanplanet.org Nashville forum message board, had recalled seeing on the 12South Flats website that LPC will be involved in some manner with the mixed-use project.
So I called Jimmy Granbery, whose H.G. Hill Realty is teaming with Southeast Venture on the fast-materializing development (read more here). Granbery said Lincoln will manage the apartment component of the building, which will also feature retail space.
"Lincoln Properties is very experienced and respected in managing rental apartments," he said.
This is one more example of how out-of-town developers, architects, investors and property managers are increasingly doing real estate work in Nashville. And often, as will be the case with Lincoln, they are taking on various roles.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
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- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS