High-End Apartment Construction Looking Up In Nashville - NewsChannel5.com | Nashville News, Weather & Sports

High-End Apartment Construction Looking Up In Nashville

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by Jason Lamb

NASHVILLE, Tenn. -- As the nation's economy continues to recover, the market for new apartments is improving across the country, and developers in Nashville say one of the best places for new apartment construction is right here in the Music City.

The recently completed Vista Germantown apartments downtown have almost all been leased out in a matter of months, and developers say Nashville ranks among the top 10 markets in the country for apartment construction.

"It really shows the strength of the Nashville market and the diversity of the economy here," said Richard Courtney, an area broker.  "We're able to do things that other cities aren't able to do."

Nashville-based Bristol Development points to a broad education and healthcare base in the city, as well as a nationwide change making the decision to rent an apartment more appealing.

"(People are) delaying their decision to buy a single family home, people are getting married later in life now, they're staying single longer," said David Hanchrow, with Bristol Development.

The apartment building boom is not just affecting Nashville and Davidson County.  In fact, in Williamson county by the end of 2013, an entire new development of rentals will be ready to go.  Bristol Development is calling it "Tapestry Brentwood Town Center," with 393 units for rent.

Hanchrow says even with the new development you can find in the Nashville metro area, the region still lags behind other cities in new high end apartment development.

"We'll still be behind Memphis, Charlotte and cities like that in terms of the number of units we have in our core," Hanchrow said.

And for that reason, developers say, expect more of this kind of construction in the future.

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