Loss-to-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $201 per unit more than in-place leases.
Proven Value-Add Opportunity: 95 units have been renovated and are achieving up to a $300 rent premium. New ownership will have the opportunity to complete the renovation on the remaining 68 units to potentially increase NOI.
Below Market Rents: Avery is over $200-$400+ below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI.
$1.4 Billion Airport Expansion: The property is located 15 minutes from Nashville International Airport, which is in progress on a $1.4 billion expansion plan. The renovation will include more parking, larger baggage claim and ticketing areas, an expanded concourse, new international facilities, and a hotel. By 2023, BNA passenger traffic will grow from 18 million to more than 23 million.
$1.2 Billion Oracle Job Announcement: Oracle announced a new campus hub which will bring 8,500 jobs with an average salary of $110,000/year to Nashville, the largest job announcement in Tennessee history. Oracle also said over 11,500 ancillary jobs would be created plus another 10,000 temporary jobs through construction and other support services.
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
Nashville is a Top City: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Avery") located in Nashville, Tennessee.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Nashville, Tennessee and known as Avery (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: