Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

Condo Development in Nashville Could be Constrained by Opportunity Zones
  • USA - English

Stephen Epstein, Managing Director of the Réaliste Fund says the unintended consequence of Opportunity Zones will be a further shortage of residential condos in Nashville and elsewhere and an oversupply of multi-family apartment buildings in an already and increasingly saturated market.


News provided by

Réaliste Fund

Apr 02, 2019, 08:00 ET

Share this article

Share toX

Share this article

Share toX

Stephen Epstein, Managing Director of The Realiste Fund, discusses Qualified Opportunity Zones and how they put an additional squeeze for property development in downtown Nashville.
Stephen Epstein, Managing Director of The Realiste Fund, discusses Qualified Opportunity Zones and how they put an additional squeeze for property development in downtown Nashville.

NASHVILLE, Tenn., April 02, 2019 /PRNewswire-PRWeb/ -- At least 28 cranes rise against the Nashville skyline, heralding major development, including several billion dollar projects underway within a three-minute drive from downtown. Yet, a number of areas in downtown Nashville have been designated as Qualified Opportunity Zones, low-income census tracts targeted for economic development with tax incentives for investors who re-invest into special funds.[1] "This puts an additional squeeze on available property for development," according to Stephen Epstein, Managing Director of the Réaliste Fund I LP.

Per Epstein, "Land prices are already skyrocketing in downtown Nashville, so once Opportunity Zone investing becomes mainstream, prices will continue to rise as buy-and hold investors seeking to place Qualified Opportunity Fund cash drive up land costs and squeeze out the land available for condominium development. The bottom line is that Opportunity Zone capital will continue to cause land prices to escalate and apartment buildings to be more and more over-built."

There is already a severe shortage of residential condominiums, as well as a scarcity of office condominiums and flex office (small warehouse) space within the Nashville market and opportunity zone capital will only exacerbate this shortage.[4]

According to a recent report from the Nashville Downtown Partnership, inventory supply of all residential condominium in downtown Nashville has remained at three months or less since 2012.[2] whereas a balanced market has a six-month supply of units, which is twice the current amount.

"The scarcity of residential condominium development keeps upward pressure on costs —a dangerous deterrent for the Nashville economy which is appealing for its "lower cost" of living – perhaps not for long," notes Epstein.

This is a particularly pressing issue because of Nashville's demographics. Millennials—young adults between the ages of 20 and 34—make up 22% of the area's population which is higher than the National average.[3] According to the National Association of Realtors, millennials are the most active generation of home buyers; more than a third of all home purchases in 2018 were made by people in this age group. Although there is an overall trend among households to migrate toward urban areas, says the National Association of Realtors, the very low production rate of new condos means there are few affordable options for buyers.[4]

Meanwhile, 18 areas surrounding the Cumberland River in downtown Nashville have been designated as Qualified Opportunity Zones (QOZ). Much of the development stemming from these funds will be more apartment buildings.[5] As positive as the goals of the Qualified Opportunity Zone (QOZ) program are, Epstein observes, one of its effects in Nashville is likely to be a further reduction in the availability of sites and properties available for much-needed condo development. Add to this trend the inherent difficulties in getting condo projects financed through banks without pre-sales, and you get an ongoing "condo shortage" which is predicted to last for years to come.

And while supply is scarce, demand for well situation condominiums in the urban core continues to accelerate from "transplants" relocating from NYC, Chicago, Los Angeles, San Francisco. "I relocated from San Francisco in 2012, remarks Epstein, and it is not any easier to find a beautiful condo in Nashville today than it was 6 years ago. That's tough to believe given how much the city has grown, but true."

In order to answer the call for more residential condo units, as well as other under-supplied real estate niches, Epstein launched the Réaliste Fund I LP in February 2019. With already $60m of projects under development inside the fund, the fund is expanding quickly. Investor interest in Nashville is at an all-time high, and Epstein feels the Réaliste Fund is uniquely positioned to capitalize on the growth in under-served segments of this very hot market.

This announcement is not a solicitation to buy or an offer to sell interest in the Réaliste Fund; such offers will be made only by distribution of a private placement memorandum and only in compliance with applicable law. Investments and services offered by the Réaliste Fund may not be suitable for all investors. Interested parties with any doubts as to the merits of an investment should seek the advice of an independent financial advisor.

About The Réaliste Fund LLP

The Réaliste Fund is a private equity fund that backs real estate development projects in Nashville sponsored by CA South Development.

The Réaliste Fund is unique because it focuses exclusively on ground-up construction and does not hold its investments past stabilization. Réaliste focuses on the development of residential condominiums, small to midsize industrial flex office (warehouse and office), and midsized Class A and B office buildings. Réaliste also acquires and entitles land which it "flips" to Qualified Opportunity Fund buyers in Nashville(QOFs). For more information, visit http://www.realistefund.com/home

1.    Website. "Opportunity Zones Frequently Asked Questions." IRS.gov. 2018. Web.
2.    "Half of 505 condos now sold," Nashville Post, 5 February2019.
3.    "Nashville IT Labor Study," Tennessee Department of Economic & Community Development Center/Center for Economic Research in Tennessee, January 2019.
4.    DeSanctis, Adam, "Millennials Lead All Homebuyers, Even as Some Can't Escape Their Parents," National Association of Realtors, 14 March 2018.
5.    Mattson-Teig, Beth, "Balancing Nashville's Skyline with More Downtown Density," Urban Land, 19 February 2019.

SOURCE Réaliste Fund

Related Links

http://www.realistefund.com/home

Modal title

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.