Few Concessions In Nashville Apartment Market
When a boom weakens, one of the first signs is landlords offering concessions (think of them as canaries in the mine). So far there are a few concessions in the Nashville apartment market, says Champion Real Estate partner Parker Champion, an active investor in the property type here.
LA-based Champion, Parker tells us, is "aware and concerned about the amount of new product being delivered to the [Nashville] market. The influx of people continues to be strong, but even so we're starting to see concessions rear its head." He adds that Champion is still a buyer in Nashville. "We are, if possible, even more focused on micro locations. We want to make sure if the market turns, we're at the location where those who are still looking to rent want to live."
Parker tells us Champion’s interest in Nashville dates to 2003, when Parker's sister, Jenni Thigpen, moved to Nashville to pursue a Ph.D. at Vanderbilt. She's since graduated, got married and started a family in Nashville. Champion made its first multifamily purchase in Nashville in 2012 and bought three smaller assets over the next two years.
In 2015, the company made its first big splash in the market with the purchase of Amplify on Main, a 74-unit project in East Nashville. Champion followed that with the purchase of a 27-bedroom student housing project in the Hillsboro submarket near Vanderbilt. Earlier this year, Champion closed on Village Green Hills (pictured).
