{"id":1004121820,"date":"2015-06-23T05:24:31","date_gmt":"2015-06-23T13:24:31","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353286"},"modified":"2020-04-28T03:45:53","modified_gmt":"2020-04-28T11:45:53","slug":"downtown-mf-asset-has-room-for-revenue-growth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-mf-asset-has-room-for-revenue-growth\/","title":{"rendered":"Downtown MF Asset Has Room for Revenue Growth"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_353288\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Metro-Manor.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-353288\" title=\"Metro Manor\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Metro-Manor.jpg\" alt=\"Metro Manor\" width=\"300\" height=\"240\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Metro Manor<\/p>\n<\/div>\n<p>5<sup>th<\/sup> Avenue Multifamily Partners, an affiliate of Covenant Capital Group, acquired Metro Manor, one of Nashville\u2019s most affordable apartment communities, reported the <em><a href=\"https:\/\/www.nashvillepost.com\/news\/2015\/6\/16\/downtown_apartment_building_sells_for_1576m\" target=\"_blank\" rel=\"nofollow\">Nashville Post<\/a><\/em>. According to the same source the seller was Metro Manor LLC, an affiliate of Nashville-based owner-operator Ghertner &amp; Co. According to <a href=\"https:\/\/www.pi-ei.com\/Institutional-Research\" target=\"_blank\" rel=\"nofollow\">Yardi Matrix<\/a> data, the seller held the property since late 1993. Matrix data also shows that the $15,760,000 sale, dated June 15, is subject to an $11.82 million loan, held by Capstar Bank.<\/p>\n<p>The property\u2019s average rent registered in 2015 clocked in at $693, according Yardi Matrix data. That represents a 2.97 percent year-to-date growth. Rent growth in Nashville\u2019s rent by necessity segment was in the low four percents in 2014, according to <a href=\"https:\/\/www.pi-ei.com\/Media\/Downloads\" target=\"_blank\" rel=\"nofollow\">Matrix data<\/a>. 2015 forecasts predict an eight percent rent growth rate for that product category.<\/p>\n<p>Located in downtown Nashville, Metro Manor is a mid-rise apartment community comprising 170 studio, one- and two-bedroom units. Unit floorplans range between 425 square feet and 720 square feet. Post-acquisition the property will be managed by Nashville-based Brookside Properties.<\/p>\n<p><em>Image credits: Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>5th Avenue Multifamily Partners, an affiliate of Covenant Capital Group has acquired Metro Manor, one of Nashville&rsquo;s most affordable apartment communities<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[],"class_list":["post-1004121820","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Downtown MF Asset Has Room for Revenue Growth - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-mf-asset-has-room-for-revenue-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown MF Asset Has Room for Revenue Growth\" \/>\n<meta property=\"og:description\" content=\"5th Avenue Multifamily Partners, an affiliate of Covenant Capital Group has acquired Metro Manor, one of Nashville&rsquo;s most affordable apartment communities\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-mf-asset-has-room-for-revenue-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-23T13:24:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T11:45:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Metro-Manor.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-mf-asset-has-room-for-revenue-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-mf-asset-has-room-for-revenue-growth\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Downtown MF Asset Has Room for Revenue Growth\",\"datePublished\":\"2015-06-23T13:24:31+00:00\",\"dateModified\":\"2020-04-28T11:45:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-mf-asset-has-room-for-revenue-growth\\\/\"},\"wordCount\":182,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-mf-asset-has-room-for-revenue-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Metro-Manor.jpg\",\"articleSection\":[\"Nashville - 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Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. 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