: New ownership will have the opportunity to increase rents at the property by renovating the interiors:
• Grey Vinyl Flooring
• New Plumbing & Lighting Fixtures
• Install Dishwashers
• Add Ceiling Fans
: Parliament Place amenities can be enhanced through an upgraded grilling/picnic area and the addition of a dog park in the open green space on the property.
: Rents at Parliament Place have grown an average of 6.2% per year over the last 3 years.
: Current ownership has spent $803,714 in capital expenditures maintaining the property, including roof replacement, 40% window replacement, parking lot overlay, exterior paint, concrete and steel repairs, & a new boiler system.
: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for $22 per unit more than in-place leases.
: 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 has over 25 employers that provide over 1,000 jobs to its residents, highlighted by:
• Vanderbilt University Medical Center & Children’s Hospital (24,039 jobs)
• Nissan (11,000 jobs)
• HCA (10,600 jobs)
• Vanderbilt University (9,107 jobs)
• St. Thomas (8,335 jobs)
: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:
• #1 - 2019 Strongest Metropolitan Areas (Policom)
• #1 - Top U.S. City for Job Seekers in 2020 (MoneyGeek)
• #1 - Metropolitan Economic Strength Ranking (Policom)
• #2 - Hottest U.S. Jobs Market (Wall Street Journal)
• #2 - Best Place for New Businesses (Smart Advisor)
• #5 - America’s Biggest Boomtowns (MagnifyMoney)