Gallatin Park Apartments Affordable Housing Community Opens
- Oct 25, 2012
Miller-Valentine Group has officially opened Gallatin Park Apartments, a 48-unit affordable housing community in Gallatin, TN, a suburb of Nashville, TN.
Gallatin Park Apartments is the result of the efforts of Miller-Valentine Group and RBC Capital Markets, Bank of America, the Tennessee Housing Development Agency (THDA), and the City of Gallatin.
Located at 271 Albert Gallatin Avenue, on the northwest corner of Broadway (US-31) and Albert Gallatin Boulevard, the community sits in the eastern part of Gallatin. The development is comprised of two- and three-bedroom apartments that range from 910 to 1,016 square feet. All units feature two bathrooms, laundry rooms with washer-dryer connections, walk-in closets and patios or balconies. Central air conditioning, high speed internet access, a business center and onsite management are also available at Gallatin Park Apartments as well as a playground area, a community clubhouse and outdoor seating.
Furthermore the community is located across the street from the Gallatin Civic Center which features a fitness, weight and aerobics center as well as an indoor pool, indoor track and racquetball courts. And a large city park with tennis courts, a pool and baseball diamonds is adjacent to the new apartment community.
The garden-style development benefits from a high-end look, but offers affordable rental rates made possible by a complex financing package which includes subordinated financing from the Tennessee Housing Development Agency (THDA) and Section 42 Housing Tax Credits. The target demographic for this workforce apartment community is moderate income families. “Gallatin Park Apartments allows the growing businesses in the Gallatin market to have local affordable housing options for their valued employees,” according to Miller-Valentine Residential Development President Dave Liette.
The new development has already had a significant influence, generating $3.8 million in revenues for the local economy in the form of construction wages and revenue for small businesses and proprietors of the area. Gallatin Park Apartments is also expected to generate approximately $400,000 in taxes; furthermore, 59 jobs have been created by the new apartment complex.
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Rendering courtesy of Miller-Valentine Group
Chart courtesy of the Nashville Downtown Partnership