When yet another apartment building nears completion—as Peyton Stakes is, adding another 249 units to the Nashville market in Germantown—the boomtime question naturally becomes, how many is too many?
We asked JLL SVP Vincent Lefler whether the Nashville apartment market is overbuilt. "No way," is his definitive answer. "We're seeing continued strong job and population growth stemming from a robust economy and high quality of life. Those factors fuel demand for more apartments."
But there are areas, such as Downtown and West End, with significant development which will—in the short term—impact fundamentals such as rent growth and occupancy. "This is a normal, cyclical progression every market experiences during periods of high growth. I think there are still opportunities for development, even in the core, for select locations and projects that offer something special to residents and the neighborhood," Vincent tells us.
Peyton Stakes is Charlotte-based Proffitt Dixon’s first development in Nashville; its six other communities are in North and South Carolina. JLL’s project and development services team, led by Ken Walsh in Charlotte and Brian Feldmeier in Nashville, provided construction management services for Peyton Stakes.
Amenities are still important for new properties to be competitive. Common amenities at Peyton Stakes include a rooftop with skyline views, a creative art studio, an athletic club with yoga and barre studio space, and—a real Nashville touch—a fully equipped music rehearsal space.
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