It seems like every day there is a new story about how attractive Nashville is for corporations and families. A newly formed property group apparently is jumping on the bandwagon as well. Real estate developers Peter A. Pappas and J. Ronald Terwilliger have teamed up to create Terwilliger Pappas Multifamily Partners. The new firm has their sites set on building apartment communities in Raleigh, Atlanta, Charlotte and Nashville. Terwilliger, is the former CEO of Trammell Crow Residential, and Pappas is the of Pappas Properties
The two executives bring a track record of success and look to make Nashville one of their top priorities In an article with the Nashville Business Journal, they gave us insight into their long term business plans by stating, “”We are not here to do just one project. We would like to do several projects in Nashville.”
The development group is actively seeking locations for their communities, but as of yet, have not purchased any properties. However, they are saying all the right things, which tell you they are serious about our city.
“When you look for a city and community to invest in, you obviously look at the dynamics of the economy and the health of the business community, but you also look at the leadership,” Pappas said. “There’s very good leadership here. Nashville is doing a lot of things right. That’s why people continue to want to live here and companies continue to want to locate here.”
Location is Everything
You can expect their focus for their locations to be mainly urban as they state, “For us the key is getting the right location,” Pappas said. “We have a very strict location criteria. We look for locations [where] residents can walk to amenities important to them – nightlife, shopping, grocery stores, restaurants, greenways. Nashville is so appealing to the young professional demographic right now.”
As rental prices continue to climb in Nashville, this will probably come as relief to many. Of course with any new mulit-family developments like this, you can expect an increase in local traffic. But for a city that plans to meet the needs of it’s residents and corporations, more housing done the right way should be a good thing for Nashville.
What are your thoughts on new developments in our city. DUK927XY3J2N