Class-A Apartments Need That Extra Oomph To Compete For Tenants
Demand for apartments in Nashville might be brisk, but that doesn't mean apartments can be slackers when it comes to attracting tenants, The Beach Co CEO John Darby tells us.
"Nashville has done a great job of attracting people to live in its urban core and managing the mix of uses between business, residential, hotel and entertainment," John (right, in the blue shirt and glasses) says. By doing so, the city is attracting quality developers from all of the country to build Class-A apartments. That's great for tenants, because it offers choice. But it's also making the game more competitive for owners and developers.
"To compete in Nashville, it’s not enough to just have a good design with a good unit mix in the right location," John tells us. "Today’s renter is paying top dollar, and they demand top-of-the-line amenities. Multifamily developments closest to a grocery store will have an advantage, but a project must also have to have that X factor—something unique, like views of the Cumberland River, access to the river and parks, a rooftop pool or even on-site storage."
The Beach Co, which is based in Charleston, SC, is at work on two apartment projects in Nashville. Bells Bluff (pictured) is a planned 402-unit property on the Cumberland in West Nashville. Offering views of the river and Bells Bend Conservation Corridor, Bells Bluff is designed to capture a “modern-lodge” aesthetic, John says.
The company is also planning Sixth South between Peabody Street and Lea Avenue, on the south side of SoBro, less than two blocks from Music City Center. Plans call for about 250 rental units, 5,400 SF of commercial space and a parking garage.