Nashville Apartment Overview

Jamie ShanksPartner

“Part of a Balanced Breakfast”

Nashville Apartments

(Source: Real Capital Analytics)

$776MM

$2.1BN

2.7X PEAK TO PEAK(Southeast = 1.6X)

Nashville Apartments

Who Is Buying?

2011 – 2016

20 – 30% Institutional

Capital

2019

~50% Institutional

Capital(US Avg = 27%)

How Much Are They Paying?

Orlando

Tampa

Atlanta

Dallas Charlotte

Nashville Apartments

Should BNA Be Valued In-Line With These Markets?

Or

Is BNA Inefficiently Priced?

Nashville Apartments

Nashville Apartments

7,048

5,627

2,910

6,633

1,840

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2017 2018 2019 2020 2021

Nashville Unit Deliveries

Nashville Apartments

2021+ ???

BNA = 108 Planned Projects

ATL = 85 Planned Projects

Nashville Apartments

Headwinds?

Affordability,Pipeline &

Infrastructure

Nashville Apartment Overview

Jamie ShanksPartner