The real estate markets of Nashville have always remained on the more expensive side of the investment markets of the southern states of the U.S. The growth of Nashville’s apartment and multifamily dwelling real estate markets has recently seen the market hit an estimated $1 billion for the year 2015, which is significant as the it will mark the second consecutive year the market has hit this incredible mark. Apartment complex sales have been improved with the high level of investment made in some of the latest developments, including a $60 million purchase of the Crescent Cool Springs complex and the $24 million sale of the Riverview Grande Apartments by well known investors.
The sale of established apartment complex options is not the only aspect of this market, which also includes a number of investors seeking out existing buildings that can be redeveloped into apartment buildings. The $1 billion market includes a number of local investors, such as Scott Lumley of Resolve Financials that has looked to update and improve existing buildings for use as apartments and multifamily dwellings. Lumley has already proven a success in this area of the Nashville business world, in which he has already proven successful in other areas.
Scott Lumley is perhaps best known as a retailer, which has seen him straddle both the Online and physical retail industry with his range of electronics sold at low prices. The former rodeo champion does not like to sit still and dwell on the successes he has already achieved, instead he has looked t enter different areas within Nashville to aid the local economy. One of the ways Scott Lumley has looked to give back to the Nashville area is through his delivery of the Nashville Rhythm professional basketball team to the city.
Nashville is a city that seems to be booming based on its link to the culture of the country music industry and its long history. Nashville’s real estate industry has been important to the local economy and has seen one of the strongest resurgences in the U.S. since its fast recovery after the 2008 economic downturn. The $1 billion apartment real estate industry continues to play a important role in the economy of the area.