Developer targets next apartment complex rehab
Original Story here: https://www.nashvillepost.com/blogs/postbusiness/2015/9/14/developer_targets_next_apartment_complex_rehab
Nashville-based developer Bruce McNeilage has an East Davidson County property home to an apartment complex under contract and is planning to rehab the buildings once he acquires them within 30 days.
McNeilage, who declined to identify the name of the apartment complex of the seller, said the buildings’ units are about 50 percent vacant.
The partners in Harpeth Development, for which McNeilage is a member, will acquire the property under a new LLC, he said.
“Our renovation of the buildings will create more safe, clean and affordable housing in an area of town where there is none,” McNeilage said, adding he intends to structure the monthly rents for workforce and “affordable” housing.
McNeilage has done this type work before. Via his Del Real Estate, he has bought and renovated three buildings — Jefferson Manor, located on Jefferson Street at 28th Avenue (and soon to be sold to local developer D.J. Wootson); Belmont Village, located on 12th Avenue South near Wedgewood Avenue; and Charlotte Manor, located at 40th and Charlotte avenues. (McNeilage later sold Belmont Village but still owns Jefferson Manor and Charlotte Manor).
Relatedly, Harpeth Development is undertaking Solo East in South Inglewood (read more here ).
