Interior Value-Add Opportunity: New ownership will have the opportunity to increase rents at the property by renovating the interior with new countertops, painting the cabinets, replacing the fixtures, or adding stainless steel appliances.
Enhance Amenity Package: Covenant Crossing amenities can be enhanced through an upgraded grilling/picnic area, improved pool deck, and improved fitness center. New ownership could also add a dog park in open green space or utilize the large concrete pad behind the property for a turf soccer field.
Consistently Low Vacancy Rates: For the past several years Covenant Crossing has maintained above a 97% occupancy rate with below-market rents. Two months ago, management increased rents ranging from $20 - $45 across the four floor plans and has maintained a 100% occupancy rate. New ownership will have the opportunity to continue to raise rents towards market levels to increase NOI.
Proximity to Nashville Demand Drivers: Covenant Crossing is ideally positioned within 20 minutes of some of multiple major demand drivers, including:
$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
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
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:
Nearby Opportunity Zone Provides Attractive Development Incentive: Covenant Crossing is located less than 1 mile from an Opportunity Zone, providing a future roadmap for continued development in the area