The property will be developed by a joint venture controlled by AEC, which acquired the property and development rights from Bristol Development Group, who will have a minority interest in the ongoing project. Merit Enterprises (Merit), a wholly owned subsidiary of AEC, will act as general contractor.
The project, which will be managed by AEC, will include structured parking, a fitness center and an outdoor pool. Many units will have dramatic views of the downtown Nashville skyline. The estimated completion date of the project is spring 2012.
Merit is is a full service construction company. In addition to ground up construction, Merit also performs value-added rehabilitation services for Associated Estates' portfolio of apartment communities, as well as for third party owners.
AEC also provides asset and property management services to third party owners of multifamily residential units. During the year ended December 31, 2009, the Company’s multifamily properties provided approximately 98.1 percent of its consolidated revenue.
John Shannon, senior vice president of operations at AEC, said: “We have identified Nashville as a market where we want to grow. It is an exciting town which has provided remarkable support to Associated Estates and Merit during the pre-development process.
“The diverse economic base and solid demographic trends in Nashville should bode well for the apartment market for years to come. Merit will be able to provide important construction efficiencies for this urban infill development.”
Will the new construction enhance AEC’s market share?
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