Meg Epstein, founder of CA South Development and Condo Queen of Nashville, has funded over $200 million usd in the expansion of condo projects aimed towards bridging the gap of disproportionate construction of properties in Downtown Nashville.
According to the U.S Census Bureau, Nashville, Tennessee has witnessed a steady hike in population within the metro area as it’s averaging approximately 100 new residents per day. Forbes lists the city as the 7th on America’s Fastest Growing City List. The resulting and overwhelming demand for housing in the metro area has lead to an influx of rental properties, leaving a shortage of condos and townhomes despite an increasing demand for them. Another report projects the supply to increase but will still fall short of the overall demand within the city for 2018, consisting of only a two-month supply of condo units.
Per Meg Epstein, founder of CA South Development, Nashville’s disproportionate emphasis on apartment construction is unsustainable. Even with the increased demand to build properties to accommodate the population increase, Epstein points out the issue of banks favoring apartment projects for construction instead of condos or townhomes.
“Banks favor apartment projects, since they don’t mind recouping their investment over a period of years,” said Epstein. “However, market trends indicate condos are a far better investment option.”
The Wall Street Journal reports that millennials have “flocked to downtowns to live closer to jobs, transit and urban amenities, and the National Realtors Association reports that millennials now represent 36% of recent homebuyers. The fact that 29% of Nashville’s population falls into the 20 to 39 age group may help to explain the rising demand for urban condos. Epstein anticipates a continued population surge in Nashville and believes residential development will remain a smart bet. PwC ranks Nashville #9 for “Overall Real Estate Prospects” and #5 for “Investment”, and Forbes lists it at #6 in its “Where to Invest in Housing in 2018” analysis.
Today, Epstein is in the process of constructing condo homes to not only correct the supply imbalance in the region but to serve the consumer needs of millennials.
In fact, one of Epstein’s projects, River Tower, a 35-unit development, emulates urban centers from all-across the United States with its modern design and proximity to the Cumberland River and Germantown, mirroring real-estate paradigms of Brooklyn, Boston and Tampa. Nashville’s “Condo Queen” is putting her ardent vision for Nashville’s condo market to the test as her decade of construction expertise is being applied to blossoming the city’s residential neighborhoods with the development of a mixed-use, retail and 312-unit condo development in Downtown and two mid-rise condo homes south of the Gulch and in range of 8th Avenue South. For the Silo, Ashley Richardson. Featured image- mixed use condo living Downtwon. 77-Unit Condo building with retail below. Modern aesthetic appointments & amenities blend seamlessly with sustainable design elements to shine a light on the benefits of a home based in form & function. Delivery Fall 2019.
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