Tennessee

Confluent, Harbor to Build 123-Unit Seniors Housing Community Near Memphis

by Camren Skelton March 23, 2018

GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.

March 23, 2018

Market Reports Office Southeast Southeast Market Reports Tennessee

Nashville’s Hottest Office Sector is Tight Race Between Urban Core, Suburbs

by John Nelson March 19, 2018

Nashville’s office market, frequently heralded as up and coming, continues to see a great deal of interest from both local and outside investors, and the region’s rapid population growth and low vacancy rates continue to sustain a construction boom. Even with a high influx of new projects highlighting local news, the Nashville area still maintains the lowest vacancy rates of any market in the United States, according to CoStar. Compared to the rest of the country, Nashville has the second highest employment growth and the highest office employment growth, combined with one of the lowest unemployment rates of any major metro area. These encouraging demographics lead most to believe that Nashville will continue its growth rate, especially in the urban core. Since the 1990s the Nashville market followed national trends, seeing most office market growth creep from the central business district (CBD) to the suburban submarkets. After the Great Recession began to subside, which around here was in 2011, an optimistic focus was placed on the growth of the CBD. This local storyline was buttressed by a national narrative of a return to urbanism. This growth, which really began its current unprecedented run late in 2011 and early 2012, is …

March 19, 2018

Acquisitions Multifamily Southeast Student Housing Tennessee

Coastal Ridge Buys 718-Bed Student Housing Community Near University of Tennessee

by Camren Skelton March 15, 2018

KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.

March 15, 2018

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Is Nashville’s Multifamily Market Overbuilt? Maybe, But Not for Long

by John Nelson March 12, 2018

Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net absorption, with 4.9 percent of the existing inventory being absorbed. This equates to approximately 6,300 units. This demand is fueled by incredibly resilient job creation, as Nashville has increased its employed labor force by 20 percent over the last five years — more than 160,000 jobs. With that as the backdrop, the big question on everyone’s mind is the impact of new supply. In short, yes, there are pockets of oversupply, with approximately 8,500 units delivered in 2017 compared with net renter demand of roughly 6,300. However, with urban deliveries projected to drop off 40 percent in 2018, and 80 percent in 2019, and no slowdown in renter demand on the horizon, the current imbalance is likely to correct itself in relatively short order. …

March 12, 2018

Multifamily Southeast Tennessee

JLL Brokers Sale of 296-Unit Apartment Community in Knoxville

by Camren Skelton March 7, 2018

KNOXVILLE, TENN. — JLL Capital Markets has brokered the sale of Preserve at Hardin Valley, a 296-unit apartment community in Knoxville. Vincent Lefler and Ian Anderson of JLL arranged the transaction on behalf of the seller, a joint venture between Crescent Bend Development and Cumberland Advisors. Grimley Residential acquired the property for an undisclosed price. Preserve at Hardin Valley features a resort-style pool, cyber café, indoor/outdoor fireplaces and a 24-hour fitness center. The community is located roughly 15 miles west of the University of Tennessee.

March 7, 2018

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville’s Growing Industrial Pipeline Limits Available Sites, Labor

by John Nelson March 5, 2018

Everyone is familiar with the expression “Rome wasn’t built in a day.” However, what most people do not know is that the second half of that phrase is, “but they were laying bricks every hour.” Bricklayers in Nashville are busy people these days, accommodating the demand for new commercial development. That’s not just a metaphor for the developers of record — the utility contractors, dirt movers, pavers, framers and roofers are all busy trying to keep up with the constant stream of construction. With record levels of construction comes the high demand for a skilled workforce to complete the necessary work. We constantly hear that approximately 30,000 people are moving to Nashville per year. However, a large amount of this new workforce via this in-migration are millennials looking to work in the IT or healthcare fields rather than skilled labor. If you were to ask any “bricklayer” what concerns them the most, almost assuredly the recruitment and retention of qualified labor will be at the forefront of the conversation. With the younger generation less likely to enter the blue collar workforce, why in 2017 did we see 6 million square feet of industrial warehouse space delivered? Make no mistake, that …

March 5, 2018

Multifamily Southeast Tennessee

Capstone Negotiates $10M Sale of Multifamily Redevelopment in Downtown Chattanooga

by Camren Skelton March 1, 2018

CHATTANOOGA, TENN. — Capstone Apartment Partners has arranged the $10 million sale of The Clemons Lofts, a 54-unit multifamily community in downtown Chattanooga. The six-story building was originally constructed in 1918 as an office headquarters, but was renovated into an apartment community with 7,922 square feet of ground-floor retail space in 2016. Adam Klenk, Michael Sohr and A.J. Klenk of Capstone arranged the transaction on behalf of the buyer, California-based TMC Group, as well as the seller, Chattanooga-based Via Nova Development. Clemons Lofts features a rooftop terrace with a dog park, Nest thermostats, fingerprint security access, bike storage, fitness center and an on-site grocer — Street Corner Deli/Market.

March 1, 2018

Hospitality Southeast Tennessee

Peachtree Hotel Group Opens 98-Room Hilton Garden Inn in Jackson, Tennessee

by Camren Skelton February 22, 2018

JACKSON, TENN. — Peachtree Hotel Group (PHG) has opened the 98-room Hilton Garden Inn Jackson, located at 1324 Vann Drive in Jackson. The city serves as a regional hub for five major transportation companies, including FedEx, UPS and Old Dominion. The hotel features a heated outdoor swimming pool, 24-hour fitness center, complimentary breakfast, convenience store and hotel dining at the Garden Grille & Bar. In addition, the hotel includes 2,300 square feet of flexible event space and a boardroom for smaller meetings of up to 12 people.

February 22, 2018

Florida Restaurant Retail Southeast Tennessee

CBL Properties Signs New Restaurants to Mall Redevelopment Projects in Florida, Tennessee

by Camren Skelton February 20, 2018

DAYTONA BEACH, FLA. AND CHATTANOOGA, TENN. — CBL Properties has signed leases with five new restaurants at shopping malls in Daytona Beach and Chattanooga. The new dining options are part of the redevelopment of two former Sears Auto Centers, which CBL acquired in 2017. Bonefish Grill, Metro Diner and The Casual Pint will join the tenant mix at Volusia Mall in Daytona Beach. Tennessee-based Aubrey’s and Panda Express will open at Northgate Mall in Chattanooga. Construction on both mall redevelopments will begin in March, with an expected opening for all five eateries this fall.

February 20, 2018

Affordable Housing Loans Multifamily Southeast Tennessee

Dwight Capital Funds $31M HUD Loan for Affordable Housing Rehabilitation in Nashville

by Camren Skelton February 19, 2018

NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.

February 19, 2018

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