NASHVILLE, Tenn. – More Nashville complexes built as condominiums are now being marketed as apartments for lease.
Bruce Most manages a downtown complex for Nashten LLC. The company recently bought some Nashville units from a bank and now plans to lease the newly purchased units as apartments.
"We feel right now the property holds its highest investment value as a rental," Most told News 2.
The development joins Rolling Mill Hill as recent housing built as condos that instead become apartments.
"And in this particular case it was getting to the end of the year and I think the bank was just trying to unload the asset," Most said.
Most admits the three million dollar price was a bargain compared to the nine million dollar loan taken out by the previous owners.
The apartments start at $1,200 per month and go up to $2,000. Most expects the majority of the apartments will be fully leased within three to six months.
"We have six people that are already leasing or signed leases that have simply driven by and asked," Most told News 2.
Bert Mathews has developed space around Nashville for decades. He sees the downtown condo to apartment trend from two different standpoints.
"Whether you rent or whether you own you are part of the downtown fabric, in this rent or own balance, it will swing back and forth through the economic cycles," Mathews said.
Mathews believes condos turned into rentals will eventually become condos again in another economic cycle, which will also help increase the number of residents living in the downtown area.
441 Murfreesboro Road Nashville, TN 37210