9 units have been completely renovated following a fire with all new interiors, including vinyl floors, granite countertops, stainless steel appliances, tile backsplash, and designer finishes and fixtures. These units are receiving over a $250 premium over unrenovated units.
Room to Grow Rents
Amalie Point sits $300+ below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by 17.3% in 2021 and 7.8% in 2022, according to CoStar projections.
4 Down Units
The current unit mix includes 4 studio units which are permitted but do not have Certificates of Occupancy as of today. These units are reflected on the operating statements as “Admin/Down Unit Loss” and allow for a Buyer to perfect the conditions required for Certificates of Occupancy.
Additional Land Included
The property has over 5 acres of undeveloped land that new ownership will have the potential to build additional units on.
$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.
$1.2 Billion Airport Expansion
The property is located near Nashville International Airport, which is in progress on a $1.2 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.
Massive Antioch Development
Southeast Nashville has experienced over 50% population growth since 2000, the largest growth in Davidson County outside of the Central Business District. This has led to an influx in new developments and job announcements, anchored by Century Farms:
Proximity to Major Middle Tennessee Employment Hubs
I-24, I-65, and I-440 offer tenants convenient access to the Nashville MSA’s largest employment hubs, including:
Nashville is a Top 5 City
Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including: