Repositioned Asset after Major Capex Spend: VUE at Warner Park recently underwent a substantial renovation to its interiors, common areas, and amenities package. Highlights include:
Expansive Amenity Package: The property offers its tenants a luxurious amenities package, including:
Room to Grow Rents: VUE at Warner Park sits well below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by 19.7% in 2021, 7.9% in 2022, and 4.2% in 2023 according to CoStar projections.
Large Floor Plans: VUE at Warner Park has an average floor plan size of 1,232 SF, significantly larger than any of the surrounding comps. Over 78% of the property features 2 or 3 bed units.
Proximity to One Bellevue Place: 1+ million SF mixed-use development featuring over 40 tenants that include retail, restaurants, entertainment, hotel, and professional/medical offices. The property is highlighted by:
Affluent Nashville Submarket: Bellevue is known for being one of Nashville’s most affluent and desirable submarkets:
Highway 70 & I-40 Corridor: VUE at Warner Park sits beside Highway 70 and I-40, which both provide a gateway through Nashville’s finest neighborhoods, entertainment, employment, and retail and run directly into Downtown Nashville, roughly 10 miles from the property. Among the highlights of this corridor are:
$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
Additional Nashville Developments: The Nashville MSA has had numerous major job and development announcements, including:
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: