Nashville, TN December 27, 2010 – Starkville, MS based Cadence Bank has sold the 4th and Monroe condo development to Nashten, LLC for $3.0 million.
Nashten’s purchase comes almost exactly one year after the lender purchased the development at foreclosure, for $4.25 million. Traditional Urban Concepts, Inc. was the original developer of the project.
J. Naparlo, President of Nashten, “We have been hoping to enter the Nashville market for years and are thrilled to be able to start with such a well built and located development.” When asked what their plans are for the development, Naparlo responded, “4th & Monroe will likely one day become an owner-occupied development as originally envisioned, but in today’s market, our plan is to lease the units for 3-5 years.”
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This marks the second time in a week that a major Nashville development has been purchased and repurposed as a rental development. Last Wednesday, Atlanta based Chartwell Partners purchased the 72 unit Rolling Mill Hill development for $7 million with the intention of renting the condos for the foreseeable future.
Like Chartwell Partners, Nashten plans on immediately improving the property. Naparlo expects to pour an additional $200,000 in upgrades and additions into the 4th & Monroe development to bring the development into “first class shape”.
“This is a property we are very proud to add to our portfolio”, Naparlo boasts. “We expect to begin leasing the units for as low as $1,200/month”. This is in stark contrast to original sales prices which exceeded $500,000. “We plan to begin leasing efforts in the first week of January and expect the majority of these luxury condos and townhomes to be leased quite quickly.”
4th & Monroe consists of 25 upscale units in the Historic Germantown neighborhood, north of Downtown Nashville. The development has six different product types and sizes including 2,500 sq. ft. of street level retail space with loft residential units above, flats, two-story condos and traditional townhomes with attached garages.
The Tennessean also reports, “Nearby, a Cleveland developer (with the Bristol Group) is building 242 apartments called Vista Germantown on vacant property between Fourth and Fifth avenues (in Historic Germantown)”.
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