Multi-Housing

647 Residences - Charlotte Park

647 Vernon Ave Nashville, Tennessee United States 37209-1264
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2021
Building Area
Land Area ()
Number of units 50

Property Description

647 Residences is a soon-to-be-completed, purpose-built rental community strategically located in Charlotte Park, one of Nashville’s most desirable urban submarkets and residential areas. 647 offers renters a unique single-family living experience in a dedicated rental community.

 

647 is being developed by Elmington Residential and pre-leased the first 18 homes prior to the first units being delivered. The property is 36% pre-leased (18/50). 647 offers investors the unique opportunity to capitalize from the strong renter demand for professionally managed, class A homes in a market that continues to be undersupplied in both single-family rental homes and for-sale single-family homes.

Investment Highlights

  • Rapid lease-up during construction (32% pre-leased)
  • 50 3BR homes averaging 1,848SF
  • Homes include private porch/balcony, walk-in closets, garages (in select homes), stainless steel appliances, quartz countertops, and premium tile backsplash.
  • 3-mile Average HH Incomes of $97k+
  • Increasing rental rates and acheived through lease up period
Last Updated Date: 13 May 2021
Ian Anderson
Ian Anderson
Senior Director, Capital Markets
Anne McGinn
Anne McGinn
Director, Capital Markets

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Last Updated Date: 13 May 2021

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