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Jan. 30, 2013

McKinney Properties Puts The Cumberland on the Market

By Eliza Theiss, Associate Editor

It’s no secret that Nashville is the new “it-girl” of the multifamily market. After consistently making list after list of best places to live, work and play—with a hotel boom well underway, a major convention center soon to open and even a hit TV show set in Nashville—Music City’s popularity is on an upswing… and so are real estate prices.

Add to this a nationwide trend of returning to urban core living and you get the perfect time to sell a downtown high-rise, such as The Cumberland, a 256-unit apartment high-rise located in Nashville’s downtown living corridor. According to the Nashville Business Journal, the 555 Church St. apartment building has been put on the market by Pittsburgh-based owner McKinney Properties, Inc. and is being marketed by CBRE.

The 24-story Tony Giarratana-developed property opened in 1998. The central business district property features 256 units totaling 227,932 square feet of apartment space and 33 privately owned condo units on the top four floors for a total of 41,206 square feet, according to CBRE’s listing. The ground floor features three retail spaces totaling 3,408 square feet as well as a common area. The Cumberland also boasts a six-story underground parking garage of which 54 parking spaces are privately owned. Units range from one-bedroom, one-bath 600-square-foot apartments to two-bedroom, two-bath 1,152-square-foot rentals, with an average apartment size of 890 square feet.

Units feature upscale kitchens equipped with electric ranges, frost-free refrigerators, dishwashers, garbage disposals, microwaves and stainless steel appliances. They also provide residents with generous closet space, washer/dryers, designer bathrooms, large windows, private balconies and individual climate control. Community amenities include a new media center, a business center with conference room, state-of-the-art fitness center, clubroom, private courtyard with grilling stations, lobby and concierge services, onsite guest suite, laundry care center, valet dry cleaning and valet car wash.

The building is a condominium. Units are owned and being offered via a master condominium deed at market rate on an all-cash base.

Photo courtesy of The Cumberland Apartments’ Facebook page

Chart courtesy of Colliers International

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