SoBro apartment building to offer The Collective

Aug 11, 2017

The developer of apartment building Olmsted Nashville in SoBro announced details of its two-level common space to be called The Collective.

The two-level commons space in the soon-to-open building (pictured) will offer coffee, free WiFi, a rotating art exhibit and a live music performance venue for emerging artists (open to the public).

“Our vision … is to create a space that fosters creative community and connects to the vibrancy of the neighborhood,” Brett Oliver, director of development at CF Real Estate Services, said in a release. “This area is home to so many original spots — from our across-the-street neighbor Bar Sovereign to Third Man Records — and we wanted to create a space that celebrated this distinct culture and was additive to this emerging community.”

The “centerpiece,” according to the release, of The Collective is seven stacked concrete pipes, custom made for the project and each weighing 18,600 pounds and outfitted with tables and seating,

The Collective will also feature rotating exhibits of local artists and designers—many of whom contributed to the design and fixtures within Olmsted. Among them are the following: Luke Stockdale, owner and creative director of Sideshow, and his team are designing the signage and decor; Savannah Yarborough, Nashville fashion designer, is procuring rare furniture and creating bespoke pieces to feature throughout the space; and Adam Gatchel of Southern Lights Electric known for their work on Pinewood Social and Barista Parlor, is custom making two chandeliers for The Collective.

“Olmsted is meant to be unlike any other apartment building and The Collective is its defining feature. We tapped local creatives to help us envision this space, but we don’t want the creativity to stop there. Our hope with The Collective is that it becomes a venue to showcase the burgeoning talent that is pushing this city to redefine itself,” added Oliver.

Olmsted Nashville is pre-leasing at 509 Lea Ave. To be located at Fifth and Peabody (one block south of Korean Veterans Boulevard), its first units will be available mid-October.

 

Bruce McNeilage

Bruce McNeilage

StarWood, Invitation merger to impact local rental housing market

StarWood Waypoint Homes — the second-largest owner of single-family homes for rent in Middle Tennessee — will merge with Invitation Homes in a deal that will yield a company with a combined market value of $11 billion, the companies announced Thursday and as reported by marketwatch.com.

Neither company is based in Nashville but the impact of the deal is noteworthy on a local level, according to Bruce McNeilage, who operates in the area multiple companies that undertake development and landlord services.

“This is big given the front page  Wall Street Journal  story two weeks ago discussing the fact that there are over 700 houses owned in Spring Hill alone by institutions,” said McNeilage, owner of Kinloch Partners among three other Nashville- and/or Atlanta-based companies.

McNeilage said what will be known as Invitation Homes will have “a very large presence with over 1,000 rental houses in middle Tennessee.  Prior to the deal, Invitation owned no rental homes in the area.

“By these two companies merging, it should create economies of scale that may improve service to tenants in the coming months,” he said.

StarWood Waypoint Homes is based in Scottsdale Arizona; Invitation, in Dallas.

Brentwood-based The Gardner School takes space at Two Greenway Centre in Cool Springs

Charlotte-based Crescent Communities announced Thursday The Gardner School will lease about 5,300 square feet for its corporate headquarters at Two Greenway Centre in Franklin’s Cool Springs.

Terms of the lease were not disclosed in a release.

The Gardner School, an educational preschool franchise with four locations in Middle Tennessee and 20 total locations in seven states, is relocating its headquarters from Brentwood’s CityPark development. The entity selected Two Greenway for its convenience to the interstate system and its multiple amenities nearby, the release notes.

Two Greenway Centre is a five-story, 155,000-square-foot Class A office building located in Crescent’s recently announced Bigby mixed-use development at the corner of Carothers Parkway and McEwen Drive.

Brian Casey, a broker with Colliers International | Nashville represented The Gardner School. Jason Holwerda of Foundry Commercial represented Crescent Communities.

“This move will position our company to grow, attract and retain top employees,” Scott Thompson, CEO and founder of The Gardner Schools, said in the relapse. “We are excited to join the dynamic group of tenants already at Two Greenway and look forward to being a part of the Franklin community.”

The other elements of Bigby will include an additional 350,000 square feet of commercial office and retail space, 330 luxury apartments, 15 townhomes and a 200-room hotel. The entire community, including One and Two Greenway, is connected through a network of trails and sidewalks.

Rent pushes CPI Higher in November

By Bruce McNeilage • 14 Dec, 2023
In my interview with Seana Smith & Brad Smith from Yahoo Finance today we discussed single-familiy rental rates and my thoughts on mortgage rates going into 2024.

2024 home prices, mortgage rates could be 'a wash': Expert

By Bruce McNeilage • 14 Dec, 2023
Owner's equivalent rental prices rose 0.5% in November , a pervasive factor in US inflation as limited housing inventory continues to squeeze homebuyers out of tightened real estate markets. Kinloch Partners CEO Bruce McNeilage joins Yahoo Finance Live to weigh in on the outlook for renters and home purchases in 2024. Home prices are "not going to go down, that's for sure. And mortgage rates might go down, but if the cost of a house goes up $10-20,000, it's a wash," McNeilage states. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. 

“The build-to-rent market is probably the fastest-growing segment in the housing business and also in all of real estate,” Kinloch Partners co-Founder @BruceMcNeilage says. “We are doing really well

By Bruce McNeilage • 04 Dec, 2023
https://twitter.com/YahooFinance/status/1730704964685603271New Paragraph

Rent or buy in Nashville? This couple's real estate solution is catching on

By Bruce McNeilage • 08 Nov, 2023
Original Story can be found here: https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ Charlene and Timothy Stratton traded in their 4-acre Illinois ranch for a rental home in the Nashville suburb of Spring Hill and, so far, they love the new low-maintenance lifestyle. Like a growing contingent of Americans, they chose to rent a single-family house rather than buy a home or rent in multifamily apartment buildings. "We lived in the country all of our lives with horses and cows," said Timothy Stratton, a retired airline mechanic. "But we wanted to rent because we’re looking at our age. We did a lot of research and decided this will work out for the time being." Families like the Strattons increasingly want the mobility and limited commitment of a rental, with the privacy and space of a single-family home. Meanwhile, many families are also being pushed out of the tight housing market. Housing affordability plummeted to historic lows this year, with only 23% of U.S. listings in April considered affordable to households earning $75,000 or less, according to the National Association of Realtors. In response, real estate investors are betting heavily on new rental properties and, increasingly, on standalone units — especially in the South. More than 61,000 fully and semi-detached single-family rental units are under construction in Southern states as of September. In comparison, 28,000 units are in production in the Western U.S., the next-busiest region, according to RealPage Market Analytics. Those units include single-family homes, townhomes, rowhomes, quadruplexes and duplexes. Single-family rental communities are increasingly concentrated in subdivisions with on-site maintenance, rather than in homes nestled in for-sale housing neighborhoods. The Nashville market has the ninth-highest number of in-construction, build-to-rent homes with 2,745 units in the pipeline. Phoenix tops the list with 21,676 units underway, a RealPage analysis in August found. "Construction isn't going fast enough in Nashville. If they built four or five new build-to-rent communities, they would fill them up immediately," said Doug Ressler, the business intelligence director of Yardi Matrix, a real estate data firm. "We really expect Nashville to continue to see growth here." Rent vs. own: 'More house for your money' Charlene Stratton filled the three-bedroom house with festive seasonal crafts and artwork she creates in her home studio. Renting isn't perfect, but there are real perks — like, when the air conditioner stalled on a Saturday afternoon in the middle of summer, the landlord offered to put them in a hotel until maintenance could fix it that Monday. "When something goes wrong, we just call them," Charlene Stratton said. "It's great." The Strattons live at DerryBerry Estates, one of the first of its kind, built in 2019 by Kinloch Parners. The 34-home community sits on former pastures with views of Spring Hill's rolling green landscape and rose bushes in the front yard. Local development companies like Kinloch Partners of Nashville and Franklin-based Chartwell Residential and Barlow Builders have made stakes in the industry. "In 2008, I had no competition. Now there are six or seven players in the market," said Kinloch Partners Co-founder Bruce McNeilage, who sold much of his inventory to American Homes 4 Rent and expanded to South Carolina. "We're 99% leased out." McNeilage said he prioritizes creating a calm, supportive community with competitive prices. Rents at DerryBerry Estates ranged from $2,300 to $2,600 for homes with three to five bedrooms in September. "People are starting families later in life and COVID-19 has allowed people to work out of their houses so people are moving farther out," McNeilage added. "Housing prices are going up and interest prices just doubled. You can get more house for your money if you get farther out." Housing in Nashville area: 'Can't build them fast enough' Chartwell Residential, a local real estate firm specializing in multifamily apartments, is now building out its first single-family rental home community. https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/ https://www.tennessean.com/story/money/real-estate/2023/11/08/renters-seek-new-options-in-nashvilles-tight-housing-market/70652968007/

Tennessee developers build single-family rental home communities as interest rates remain high

By Bruce McNeilage • 15 Jul, 2023
NASHVILLE, Tenn. (WKRN) — High prices and high-interest rates have kept many from buying a single-family home in a quiet suburban neighborhood. But what if you could rent one? Developers say they are seeing a big demand for build-to-rent communities. Upon first glance at the DerryBerry Estates subdivision, you might assume the single-family homes are for sale, but they are not—each one is a rental. “People are very happy with what we are providing,” said Bruce McNeilage, CEO/co-founder, Kinloch Partners. Bruce McNeilage built DerryBerry Estates in Spring Hill a few years ago. He saw some families struggling to afford a single-family home in the suburbs, but still craving that lifestyle. “Their kids are getting older, they want to be in good schools, you want to ride a bike around, and you just can’t do that in an apartment complex.” No sharing walls at DerryBerry Estates, or Fairview Station, the other rental home community Kinloch Partners built in western Williamson County. DerryBerry Estates subdivision has 41 single-family homes with 3 and 4 bedrooms and rents in the $2,300 to $2,500 range; and all the trappings of the suburban lifestyle. “They have front porches, they have covered back porches, two-car garage. They have all the amenities and appointments on the interior that one would want in a house for sale, but these are available for rent.” Who would be interested in an all-rental community? McNeilage said his tenants are often folks new to town testing out the neighborhood, young families who can’t afford just yet to buy, those looking for a low-maintenance lifestyle, and senior citizens, which make up 10% of his tenants. “They don’t want to live in an apartment and share walls with someone. They want to live in a single-family home in the suburbs to probably be real close to their grandchildren.” McNeilage has a couple of rental communities in Middle Tennessee, as well as out of state. And with housing prices staying high, he sees the popularity of rental communities sticking around “I could build 100 houses. I could build another 100 houses. I really have a demand that I can’t keep up with.” McNeilage said that his tenant turnover is lower than an apartment complex. People will stay in his homes 3-4 years on average, but for apartment complexes, it’s 1.5 years. 
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