East Nashville low-income apartments sold for $11.2 million
The buyers of Riverchase Apartments say they don't plan to leave the federal Low Income Housing Tax Credit Program, a move that would've allowed them to charge market rates for the apartments.
- Riverchase Apartments is one of the few remaining low-income housing complexes near downtown.
- Roughly 99 residents use Section 8 vouchers to help pay their rents compared with 106 a year ago.
- Nashville-based Elmington Property Management now handles leasing and management of Riverchase Apartments.
A new Nashville-based company has paid $11.2 million for Riverchase Apartments, one of the few remaining low-income housing complexes near downtown Nashville.
Taylor Perkins, president of 37urban and a partner in Riverchase Holdings LP, said the new owners plan to renovate Riverchase Apartments and have no plans to opt out of the Low Income Housing Tax Credit Program run by the Tennessee Housing Development Agency.
"East Nashville is an area that we love," he said. "With the imminent affordable housing shortage that's looming, 37urban is looking to bring more affordable units to Nashville."
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Roughly 99 residents of the 212 rental apartments and townhome units at Riverchase Apartments use Section 8 vouchers to help pay their rents. That's down slightly from the 106 residents who were using the program a year ago.
Exiting the federal Low Income Housing Tax Credit Program would've allowed the new owners to charge market rates for the units in East Nashville's McFerrin Park neighborhood.
"We're just concerned about the low-income people in this neighborhood because it's being gentrified so quickly," said Sgt. Ernie Simms, a Corps officer with The Salvation Army of Nashville, which is located nearby and serves families living at the complex.
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Riverchase Holdings LP has hired Nashville-based Elmington Property Management to handle leasing and management of Riverchase Apartments. The complex is located near the Levy Place housing community.
Riverchase Apartments TN LLC, whose address matches Brooklyn, N.Y.-based Read Property Group, was the seller of the three parcels totaling 14.52 acres at addresses 651 and 660 Joseph Ave. and 301 N. Second St. in the McFerrin Park neighborhood.
Reach Getahn Ward at gward@tennessean.com or 615-726-5968 and on Twitter @getahn