More and more investors are coming to Nashville, Tennessee to take advantage of HUD federal property sales and foreclosed properties being sold at affordable prices. A big number of these properties are being converted into apartments, with the rental housing market of the city continuing to grow in the last part of the year 2010.
One of the Nashville foreclosures that has recently been purchased and scheduled to be made into an apartment property is the 4th and Monroe Condominiums located in Germantown in Nashville. Nashten LLC, the buyer of the foreclosed property, is reportedly planning to add to the numerous apartments already present in the city. The purchase price for the 39-unit building was reportedly $3 million.
According to registry records, the property became one of the many Tennessee foreclosures in January. Traditional Urban Concepts, the former owner, reportedly had a 2007 loan worth $9 million. No record was found showing that the condominium units were ever sold to buyers. So far, six of the condominium units have been rented and the rest will be converted into apartments with the monthly rental rate starting at $1,200.
Prior to the foreclosure, the building was advertised as a condominium with each unit having a starting price of $223,500. The property was being built as the real estate industry was starting to fail, with foreclosed property and HUD federal property sales beginning to creep in to the market. The latest owner of the property reportedly revealed that around $200,000 will be used to develop the building into a rental project. They also added that eventually, it will end up as a condominium as originally planned.
Local brokers have stated that condominiums will sell better in the Germantown area in the future, particularly when foreclosures have eased down and the population of the area has increased. For now, however, most of the real estate projects are angling towards apartments instead of condos. Aside from the Monroe property, another condominium project being renovated into an apartment is the Rolling Mill Hill bought for $7 million.
Realtors believe that while foreclosed residential and HUD federal property sales continue to dominate the Nashville real estate market, more developers will look at apartments as a way to cope with the industry downturn.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
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