Wedgewood recently closed on a fully entitled 3.00 development site in the Wedgewood-Houston neighborhood of Nashville, TN. Wedgewood plans to develop a ground-up, mixed-use multifamily asset which will include 300 apartments, 14,000 square feet of retail and 360 parking spaces.
Wedgewood spent 18+ months to gain the required entitlements for this site allowing us to out position all competition in the high demographic Franklin, TN market.
The site’s physical characteristics make it a perfect fit for self storage, as it has excellent visibility along a highly trafficked retail corridor in a rapidly growing neighborhood.
700 Hamilton was purchased off-market at an extremely attractive land basis in comparison to many recent transactions in this sub market. This site is located in the WeHo neighborhood and is also in an Opportunity Zone.
SoBro is the hottest submarket in Downtown Nashville. There are over 4,000 hotel rooms and 4,000 multifamily units totaling $2.2B of new development projects planned or under construction within 1 mile of our site.
Wedgewood acquired Morgan Manor at a significant discount to value. The property was severely mismanaged by a local mom and pop operator and in desperate need of capital expenditures. At acquisition we immediately began an expansive value add strategy whereby every unit was renovated, many of which had not been updated since the 1980s. After nearly doubling our basis we sold the property to a California buyer.
The Property is located approximately 1 mile from the University of Alabama and is the closest facility to much of the businesses and student housing that cater to the University. The University has seen robust growth over the past 20 years with undergraduate enrolment increasing by over 100%.
Huntsville is the fastest growing MSA in the state of Alabama. Based on current trends, Huntsville will surpass Birmingham as the largest city in Alabama. Athens had the most active new construction as a percentage of total residential sales in all of Alabama in 2018 & 2019
Wedgewood acquired Niceville at a significant discount to value. The property was severely mismanaged and poorly marketed at sale. Upon acquisition we immediately raised rates 15-25% on tenants, many of whom had never had a rate increase. The property was then listed for sale with a national self storage broker.