a local investment group has purchased the cooperative housing apartment development at 400 fatherland for $1.2 million. after a renovation, they plan to start leasing them as early as november 1. this group is just one in a number of stories of investors hoping to cash in on the ever-growing east nashville area lately.
within the next two weeks, another big east nashville transaction will take place. the 3.3 acre lot next to the fifth & main development will sell to corner partnership llc for $1.2 million. the group thinks it will be ideal for apartments or condominiums. in addition to the bars and restaurants such as 12 south’s edleys bbq opening on 9th & main this fall, they see the site being near a stop of metro’s proposed bus rapid transit route as a positive as well.
east nashville area was once overlooked but in the last ten years, is slowly because one of the hottest neighborhoods in the city. areas like mcferrin park and cleveland park, which the tennessean labeled as the next “it” neighborhood earlier this year, are aggressively sought after by flippers and rehabbers because of price, location, and the rich historic architecture of a lot of the homes.
the fifth & main condo development, which has been described as the gateway to east nashville, had its share of obstacles early on as it was nearing completion a few years ago. wachovia, its preferred lender, went under and the buyers were in limbo and couldn’t close which eventually sent the building into receivership. after years of being bank-owned during the recession, it was purchased last spring and now sits at over 90% of the units sold.