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New Condo Project Brings "Affordable" Prices To Nashville Market

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Posted at 5:43 PM, Jun 24, 2015
and last updated 2015-07-09 01:24:57-04

NASHVILLE, Tenn. -  A new condominium project called Solo East was set to bring more affordable housing to the East Nashville area.

The project would put 130 units on a piece of land on Litton Avenue, just off of Gallatin Pike.

"It's luxury finishes, and high-end features, for an affordable price," said real estate agent Debra Beagle, from the Ashton Real Estate Group.

A one-bedroom unit at Solo East would start at $149,900, with two-bedroom units starting at $189,900. One of the most expensive units available was set at $225,000.

The developer said Solo East would fill a void the Nashville market has been experiencing.

"For someone who's out there trying to buy something in that $150,000 to $200,000 price point, in East Nashville, they're not being able to find something," Beagle explained.

Right across the street from the proposed project, new $400,000 homes have been under construction.

"When we actually talked to the developer, we said, these should be priced a little higher, but he was determined to make this affordable living, with luxury finishes," said Gary Ashton, whose real estate group was selling Solo East.

Ashton has taken an unique approach to selling the project. Wednesday night hundreds of people came to LP Field for their chance to purchase a condo right on the spot.

"There's been condo developments that have sold out, but I even remember where you actually came down and did an event like this," Ashton explained.

Solo East will accept FHA and VA loans, and investors have only been permitted to purchase two units during the pre-sale.

Construction was scheduled to start on the project in the near future. Solo East has been expected to be completed during the Spring of 2016.