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The subprime mortgage fallout has only strengthened the already robust multifamily market in Middle Tennessee. Overall occupancy is an enviable 94% according to the Greater Nashville Apartment Association and rents have climbed steadily for the last decade. Regardless of the tremendous demand for rental properties and the great return owners have received, development of new multifamily has been hampered by the lack of available multifamily land.
Multifamily and Apartments Properties
for For Lease
All properties are Lease.
In 2008 only 1,875 new units were delivered and currently there are only 2,970 units under construction. Conversely, over 7,000 units were sold in 2008 averaging $73,490 per unit. New Dawn Companies (Florida based) purchased a 1,592 unit portfolio of four properties from Equity Residential Properties (Chicago based) for $141 million. Mission Residential (Virginia based) bought 3 additional complexes in 2007 containing 900 total units and combined with the 5 apartment complexes they acquired in 2006, Mission Residential now controls 8 dynamic multifamily properties in Nashville.
Multifamily and Apartments Properties
for For Sale
All properties are Lease.
Multifamily and Apartments Properties
Sold
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