Proven Value-Add Opportunity: Current ownership has spent over $500,000 renovating 60 units with new paint, new vinyl flooring, new stainless steel appliances, updated kitchen and bathroom cabinets, and resurfaced countertops and are achieving an average rent premium of $100-$300+ on in-place leases. By renovating the remaining units, new ownership can potentially increase rental income.
Improved Amenities Package After CapEx Spend: Over $200,000 has been spent at Charleston Hall upgrading the exterior & amenities package, including:
- Resurfaced tennis court with pickle ball court added
- Install 35’ x 50’ dog park with agility equipment
- New outdoor common area benches
- Exterior lighting upgrades
- New Picnic tables, umbrellas, etc.
- Improved landscaping
- New grill station
- HVAC units & water heaters
- Power wash full exterior
Rent Growth Opportunity: Charleston Hall is over $200+ below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI. Submarket rents are anticipated to grow by 11.3% in 2022 and 5.3% in 2023, according to CoStar projections. Submarket rents have grown 69.6% in the last 10 years, ahead of the long-term performance of the Nashville metro at 56.1%.
Rutherford County Growth: Rutherford County has been experiencing massive growth, as evidenced by the following:
- #2 Fastest growing county in Tennessee
- 34.69% population growth since 2010 census
- Net shortage of roughly 3,000 properties
- Estimated to pass Hamilton County (Chattanooga) and Knox County (Knoxville) to become the state’s 3rd largest county by 2050
Massive Master Planned Development: Century Farms, a 300+ acre, mixed-use, master-planned development will feature a wide variety of major retail, office, multifamily and entertainment uses, has achieved zoning for more than 30,000,000 square feet of space, and will be centered around a new, full-access Hickory Hollow Parkway (Exit 60) interchange.
Notable occupants within Century Farms include HCA, Asurion, CHS, LKQ, Tanger Outlets, and Nashville Soccer Club.
Metro Nashville is buying Global Mall at the Crossings and Partnering with Vanderbilt University Medical Center to transform the property into a hybrid medical and community hub. Current tenants that VUMC will join include Nashville State Community College, the Nashville Predators’ Ford Ice Center, the Southeast Community Center and Nashville Public Library’s Southeast Branch.
$1.4 Billion Airport Expansion: The property is located near 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.
Proximity to Major Middle Tennessee Employment Hubs: I-24 (123,792 VPD) and I-840 (51,976 VPD) offer tenants convenient access to the Nashville MSA’s largest employment hubs, including:
- Brentwood/Franklin/Cool Springs (20 miles)
- Downtown Nashville (25 miles)
- Mt. Juliet/Lebanon (24 miles)
- Antioch/Smyrna/Lavergne (6 miles)
Access to Growing Rutherford County Employers: Rutherford County has seen multiple major relocation and expansions in the area, led by Amazon. Major employers include:
- Nissan North America: 7,000 jobs
- National Healthcare Corporation: 3,250 jobs
- Amazon: 2,700
- MTSU: 2,221 jobs
- Ingram Content Group: 2,084 jobs
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
- Vanderbilt University Medical Center & Children’s Hospital: 28,300 jobs
- HCA: 10,600 jobs
- Vanderbilt University: 8,822 jobs
- St. Thomas: 8,400 jobs
- Amazon: 5,000 jobs