Sales Begin for Units in New Inglewood Condo Development, The Avery
The newest condo development to hit the north side of East Nashville, The Avery, is being designed from the ground up with built-in short-term rentability. The building will house 20 modern condos inspired by the art, passion and charm of Inglewood and units went on sale last week.
Each unit will feature a two- or three-bedroom option, stainless steel appliances, hardwood floors and come complete with non-owner occupied, short-term rental approval.
“We knew this location was such a good one that we wanted to be sure we designed it as a new benchmark for the burgeoning community of Inglewood,” said Ed Tunney of The Tunney Group. “While these condos will be great as a primary residence for some, we wanted them to also be a great investment opportunity for others.”
Designed by CW Architects, The Avery will feature a shared roof deck, a fitness center and customizable high-end finishes. “This building’s modern design features open floor plans with large expanses of glass connecting each condo to the neighborhood and city,” said architect Brian Clements. “The clear, crisp contemporary design is a gateway piece announcing your entry into urban Nashville.”
With construction planned for early September of this year, The Pargh Team at Compass is marketing the sale of the 20 units, which start at $349,000 for the two-bedroom, two-bath option.
“We feel like the market is ripe for an offering like this,” Lana Pargh said. “Inglewood is such a great area with so much potential for either an investment property or a primary residence. This area has such a great, casual vibe and neighborly personality with convenient access to Shelby Bottom Park and close proximity to the amazing culinary scene developing in East Nashville.”
The Pargh Team has gathered data on short-term rentals in the Inglewood/East Nashville area that show last year alone, Nashville had an Airbnb occupancy rate of 61 percent and produced average annual revenue for owners ranging from $30,013 to $91,500.
“According to the rented.com rental reports in 2019, based on a calculation of attributes of local real estate prices, rental rates, popularity as a tourist destination, and their total return on investment number, Nashville ranks in the top 25 ideal short term rental markets,” Pargh said. “This is why we opted to go ahead and get the MULA short-term rental approval for this property.”
For additional information on The Avery, visit http://theaverynashville.com.