Running With The Tennessee Multifamily Housing Boom

Nashville, Tennessee is leading the way in a real estate boom with sales, investment acquisition of multifamily housing. Growth in the area is set to topple $1 billion in 2015, which could lead to a higher overall total, than the previous year. The 2014 sales also tipped the $1 billion mark and while exact figures won’t be released until early January; market tracking analyst, Steve Massey of CBRE Capital Markets remarked, We’re going to be consistent with last year or we may pass it.”

As the figures indicate, growth of multifamily real estate in the Nashville, Tennessee is clearly on an upward swing. And if the recently completed deal for Crescent Cool Springs Apartments is a guide towards the future, the market isn’t slowing down anytime soon. Located at 200 Resource Parkway in Franklin, Nashville, the property, which opened in 2014, consists of 252 units, sold for a record-breaking $60 million dollars. This breakdowns to a value of $238,095 per unit. The deal was initiated by joint sellers; real estate investment trust (REIT), CNL Growth Properties Inc. and Crescent Communities.

Other recently completed real estate sales of multifamily units included, the Covenant Capital Group’s Riverview Grande Apartments, located in West Nashville, at 7388 Cabot Drive. The deal consisted of 200 units, which were purchased by well-known Nashville investor, Jack May for $24 million dollars.

No stranger to brokering million dollar real estate transactions is Scott Lumley of Resolve Financials. Resolve Financials is one of the most prominent real estate investing and development companies in Nashville. Lumley is a serial entrepreneur, who initially built a successful electronic resale boutique on eBay. He sought additional avenues to grow his entrepreneurial legs by extending into other industries, these included investing in a professional basketball league and building a wholesale distributor business.

The former rodeo star and Nashville native is use to hard work, having performed all the business operations and upper level management initiatives for his American Basketball Association team, the Nashville Broncs. Following the earlier success on his online electronics business, Lumley is continuing to build his investment acquisitions by seeking commercial entities for Resolve Financials. One thing for sure Scott Lumley isn’t afraid to go all out and put in the necessary dollars to grow his business. As he stated, during the early days of striving to build an ABA team, “Money is only money and it can be replaced.”