Dominium Opens Nashville Affordable Housing
This community is located in one of the city’s fastest-growing corridors.
A new affordable housing community from Dominium, 900 at Cleveland Park, will open this month in Nashville. Located on Dickerson Pike, the 256-unit development will serve families in East Nashville.
The property is comprised of seven studio apartments, 153 one-bedrooms, 65 two-bedrooms and 31 three-bedroom units. Amenities include a fitness center, clubhouse, rooftop terrace overlooking Downtown Nashville and a dog park.
900 at Cleveland Park is situated in one of Nashville’s fastest-growing corridors. Residents are a less than 3 miles from Downtown Nashville and nearby the Cumberland River, the Nissan Stadium and dining, retail and entertainment options.
The affordable community is supported by the Section 42 Low-Income Housing Tax Credit program. A grand opening celebration is planned for Nov. 6.
The $90,000,000 development is Dominium’s second in Tennessee. Freddie Mac TEL, serviced by Greystone, JP Morgan Chase, and Polaris Capital, were key financial players in the deal.
Nashville’s multifamily scene
Jillian Grzywacz, senior director, JLL, told Multi-Housing News that Nashville housing costs are hitting all-time highs as the market has benefited from significant investment and economic growth over the past 10 years. As such, the need for affordable housing is increasing too.
“Market fundamentals on affordable housing assets in the metro have remained very strong and the amount of new supply delivered to the market is not keeping up with the growing demand for affordable housing options,” she said.
According to Yardi Matrix’s business manager Doug Ressler, Nashville’s cost of living is about 4 percent lower than the national average, including lower costs for groceries, utilities and transportation. Its job market is rich in healthcare, education and the music industry.
Despite being relatively affordable, housing prices have steadily increased due to high demand and limited supply. “The influx of new residents has made the real estate market more competitive, which can be challenging for buyers,” Ressler said.
While new residents have been migrating to the Nashville area, multifamily fundamentals have recently been slowing. Occupancy rates in stabilized properties declined 50 basis points year-over-year through June to 94.1 percent. And employment growth is slowing as well.
