The Flats at Taylor Place Brings 283 Units to Germantown
- Dec 08, 2014
Nashville’s apartment market continues to perform at a stellar rate. Thanks to a healthy economy and solid job growth, Music City is attracting new residents at a rapid pace, thus fueling demand for apartment housing. Colliers International’s latest data shows that Nashville’s annual apartment supply reached 2,587 units as of October 2014, with average monthly rents increasing 1.7 percent in the third quarter. Recorded at $0.982 per square foot in Q3, Music City’s rents are expected to further expand by 2.8 percent before the year is out. Moreover, Colliers’ latest data shows that Nashville boasts a 96.1 occupancy rate, above the 95.8 percent national average.
With annual demand on an upward swing, supply is also growing. Q3 closed with 35 properties under construction in metro Nashville, totaling 7.3 percent of the market’s inventory, the highest rate in the US for Q3. With such healthy market indicators it should come as no surprise that both local and out-of-state investors are trying to get a piece of the Nashville apartment pie.
Among those taking advantage of Music City’s booming apartment market is SWH Residential, the developer of The Flats at Taylor Place. According to Colliers, the 283-unit Germantown asset is expected to finish in December. Residents have already moved into the project’s first phase and phase two is leasing up at a rapid pace.
Previously known as The Flats at Werthan Mills and Werthan Flats, The Flats at Taylor Place boasts amenities such as a sky lounge with billiards and game table, 24-hour fully equipped fitness center and aerobic studio, outdoor kitchen, one of the largest pools in downtown Nashville, roof-top terrace with downtown views, four courtyards, a conference room, art nooks, storage units and controlled access, including to the parking garage. The community also incorporates green features and practices such as on-site recycling, generous green areas, stainless steel energy star appliances and incorporating reclaimed design elements and materials from the old Werthan Mills that were cleared for the project. The community is also pedestrian- and bike-friendly, includes a neighborhood dog park and offers greenway access as well.
According to the Nashville Post, the development team on the $40 million project includes Smith Gee Studio, Littlejohn Engineering Associates, Hodgson & Douglas LLC. RAM Partners, LLC is managing the apartment.
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Image credit as The Flats at Taylor Place via Facebook