Wednesday, September 25, 2013

Upscale apartments planned in Priest Lake area
This is in our area. Waiting to get more information. A community meeting will be scheduled soon. Thanks.

Upscale apartments planned in Priest Lake area

Construction set to begin soon on 312 units near Bell Road and Couchville Pike

A Greensboro, N.C.-based multifamily developer has paid $2.5 million for about 25 acres in the Percy Priest area with plans for a 312-unit upscale apartment community.
Carroll Investment Properties plans to start construction as early as next week on Heron Pointe, the company’s second apartment project in the Nashville area. It is currently building the 360-unit Glass Creek community in Mt. Juliet, and company officials plan to have four other communities under construction in the region within six months.
Roy E. Carroll II said his company was drawn by Nashville’s diverse economy, booming downtown, status as a state capital andhigher education center, and the region’s job growth. “It’s a place that’s attracting a lot of young professionals who are typically our customers,” he said.
Heron Pointe would be built on a site that is about a quarter-mile from the intersection of Bell Road and Couchville Pike. Carroll said monthly rents for the apartment units will range between $1,100 and $1,400. The units will feature nine-foot ceilings, granite countertops, crown molding and brick exteriors among otherhigh-end finishes.
Carroll Investment bought the property through Heron Pointe Village LLC from Carillon II Investment Partners, a general partnership with M. Dale McCullouch as general partner.
The company is currently building more than 30 apartment developments in several states. In addition to Tennessee, the company has apartment communities in North Carolina, South Carolina and Texas.
Carroll said Carroll Investment, which has its own management company, also plans a regional office in the Nashville area that would employ up 40 in addition to the on-site workers at its apartment communities.
“I think the Nashville market currently remains pretty healthy,” he said, shrugging off concerns about potential overbuilding of units.
The new supply of apartments is at a four-year high in the Nashville market with nearly 10,000 units still in the pipeline with the Franklin, West End and downtown Nashville submarkets accounting for half of current construction activity, according to Real Data, a Phoenix-based multi-family real estate research firm.
Strong demand has led to a vacancy rate of only 4.1 percent, and the strength of the market has allowed for robust rent growth. Concessions for renters are virtually non-existent, according to its latest report. It lists the Nashville-area average monthly rent at $892.
“We expect high demand for Nashville area apartments to continue into the next year and for the area to continue to enjoy high occupancy rates, in spite of an influx of new units expected to come online,” said Kelly Reddecliff, apartment analyst at Real Data.
Contact Getahn Ward at 615-726-5968

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