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Agee & Johnson – Welcom Taylor and Katie

From: Agee & Johnson Realty
Agee & Johnson Realty and Auction is pleased to announce the arrival of two new agents.
Middle TN is a great place to live and work, which is why Taylor Vandever continues to call Lebanon home. Being a native of Wilson County, we are pleased to have Taylor join Agee & Johnson.
Taylor’s specialty is adaptive re-use, real estate development, industrial development and office development. Residential developments including single family, townhome and multifamily are areas where Taylor has seen much success.
When not working with clients, Taylor enjoys spending time with his family, college football and giving back to his community. Believing strongly in the opportunity to give and support those around us.
Katlin (Katie) Dillon has been an active member of Wilson County and now is excited to be turning that community focus toward real estate.
With a passion for service in the Wilson County/Middle TN area, Katie is ready to help with your home buying and selling needs. As a proud member of the Agee & Johnson Family, Katie carries the values of hard work, integrity, and outstanding client service into everything she does.
When Katie isn’t making home ownership dreams come true for her clients, she enjoys spending time with her family on the farm and going to the beach. Katie
Please join us in welcoming both Taylor and Katie to the Agee & Johnson family. Any of our agents can be reached at 615.444.0909 or www.AgeeAndJohnson.com.
Local developer pays $6.4M for east side site

From: The Nashville Post
Nashville-based Vintage South Development and Atlanta-based Shelton McNally Real Estates Partner have paid $6.4 million for East Nashville property on which they plan a mixed-use project.
The main address of the property is 905 Cherokee Ave., with the 5.94-acre site located in the East Hill neighborhood and home to multiple nondescript buildings. Britnie Turner, Aerial founder and CEO, was the seller. Turner previously planned to redevelop the site. Turner will participate with Vintage South and Shelton McNally in the future redevelopment of the site.
No details or renderings have been released regarding the effort. However, a release notes the future project will consist of newly constructed apartments and townhomes along with the adaptive reuse of some of the site’s existing industrial structures.
The new owners have landed a loan from Wilson Bank & Trust valued at $4,225,000, Metro records note.
“The development team is excited to deliver these new neighborhood-oriented amenity offerings to East Nashville and will provide further project details at a later date,” Nathan Lyons, Vintage South founder, said in the release. He could not be reached for comment.
The deal follows Lyons’ $6.5 million October transaction for a warehouse in The Nations that sits on a 3.51-acre site at 5300 Centennial Blvd., two blocks west of the developer’s Stocking 51 property and adjacent to Silo Bend. Lyons specializes in reinventing industrial buildings with retail, restaurant, residential and creative office spaces. He is underway with an addition to Stocking 51 as well as the reinvention of the former Vaughn Manufacturing facility in East Nashville with what will be called Highland Yards and (teaming with The Legacy Companies) an update to the east side site once home to Hobson United Methodist Church that will be called Eastwood Village.
Mike Jacobs and Lisa Maki of the local office of Avison Young represented Turner in the transaction.
Work underway on apartments near Nashville West

From: The Nashville Post
Murfreesboro-based Southern Building Group is now under construction on and has released an image for its Sterling at Nashville West, to be located in West Davidson County near Brewhouse West.
To offer 289 one-, two-, three-bedroom, loft and penthouse units in five buildings, Sterling at Nashville West is slated to open in the second quarter of 2022, the company website notes. The apartment buildings will sit on 14.4 acres at 7116 Charlotte Pike.
Front Street Partners LLC, which is affiliated with Southern Building Group, paid $5.3 million for the property last December, according to Metro records. Nashville-based Smith Gee Studio is serving as architect, with Catalyst Design Group, also locally based, the engineer and land planner. Southern Building Group is also the general contractor.
Sterling at Nashville West will offer a clubhouse, detached garage buildings, a swimming pool and pool deck, a fitness center and a sauna, the website reads. It will sit on a site adjacent to Brewhouse West (known for its pub food, craft beer and classic rock tunes) and not quite one mile from retail center Nashville West.
Of note, this is the first Davidson County project for Southern Building Group, led by John Elliott and Chad Davenport.
Southern Building Group also is underway in Smyrna on Sterling at Stonecrest, a multi-building apartment development with a collective 264 units.
Developer shelves Music Row hotel plans for alternative as industry reels

From: The Nashville Business Journal
For the past five years, a real estate development group has pursued plans for a hotel on Nashville's famed Music Row, where the country music recording industry took root more than 65 years ago.
They're aiming for a different kind of project now that the Covid-19 pandemic has decimated the hotel industry and made it all-but-impossible to convince lenders to build more rooms right now, especially in a tourist-dependent market such as Nashville.
The investor group, which features area hoteliers Jay Patel and Andy Bhakta, is seeking Metro's permission to build apartments on its half-acre site at 50 Music Square West. It was formerly home to a distinctive octagon-shaped building, which the group tore down earlier this year.
In 2018, Hilton (NYSE: HLT) announced that the proposed hotel would become part of its high-end Tapestry Collection. Instead, the investor group now intends to build 132 apartments in a seven-story building, Patel said in an interview.
"With hospitality in turmoil … this gives the project more stability," Patel said.
Details on construction financing and timing won't solidify until after Metro grants permission to build multifamily units, Patel said. The Metro Planning Commission is set to review the proposed change at its Nov. 12 meeting.
Nashville's Manuel Zeitlin Architects is designing the project, which also involves engineering firm Barge Cauthen & Associates. Patel's group paid $5.9 million for the property in stages, over the course of 2015 and 2016.
Patel is the same developer who's proposed a six-story Holiday Inn Express at 2221 Elliston Place. That project, Patel said, is "pretty much at a standstill right now until the economic climate gets better and we get some kind of direction on where the economy's heading."
He added: "Music Row we've been working on for quite some time, and Elliston is pretty fresh. It's a lot easier to put a pause on Elliston Place than the Music Row project. We also think Music Row is just a great multifamily location."
Vandever earns MAI designation

From: The Wilson Post
Lebanon resident Taylor Vandever recently obtained the MAI designation from the Appraisal Institute, which is recognized as one of the highest marks of excellence in the field of real estate valuation and analysis.
Vandever is one of two MAI-designated appraisers in Wilson County and the only MAI in Lebanon. According to the vice president of the Appraisal Institute, Vandever is one of 100 or fewer MAIs in the United States that also holds a Doctorate of Jurisprudence. Vandever has had a license to practice law in Tennessee since 2012. The MAI designation is held by professionals who can provide a wide range of services relating to all types of real property.
Vandever is a partner at CRV Group Inc., a Lebanon-based commercial real estate appraisal firm. CRV Group services the entire Tennessee market as well as other surrounding states and specializes in commercial property appraisals, complex valuation issues, market studies, eminent domain, estate planning and litigation support.
City Lights condos hit market at record starting price

From: The Tennessean
The 71 condo units planned at the City Lights development on Rutledge Hill are officially on the market at the highest starting price for downtown for-sale units.
Village Real Estate Services is handling presale of the units, which will be built behind the Crema coffee shop. The $400,000s starting price range reflects, in part, there being no one-bedrooms condos in the development, one observer said.
The seven-story City Lights would be a welcome addition to a downtown Nashville condo market with only a month's supply of resale units. That tracking by the Nashville Downtown Partnership doesn't include the 268 units at the Twelve Twelve condo tower in the Gulch, which were expected to sell out by year's end.
"We welcome for-sale product in the downtown market," said Tamara Dickson, vice president of economic development for the partnership, which promotes downtown. "With only a one-month supply of resales, 71 units is a good start, but we need more."
Construction on City Lights should begin once 25 units are presold, with the developers targeting a summer start. The first residents are expected to move in at the end of 2017.
Houston-based architect Don Meeks is developing City Lights along with three investors.
The two- and three-bedroom condos will average 1,800-2,600 square feet, with prices starting in the $400,000s.
Four four-bedroom penthouses will be 3,200-3,400 square feet. Prices will be around $3 million, depending on the specific location.
Architect debuts new look for City Lights luxury condos near downtown

From: The Nashville Business Journal
Next week, a Houston architect will pitch his new plan for City Lights, a luxury condo building on the southern outskirts of downtown Nashville.
City Lights, as we've reported, now entails more than 70 condos and space for a high-end restaurant. The site is in Rutledge Hill, behind the coffee shop Crema and nearby Nashville's trolley barns and the restaurant Husk.
The Nashville Post reports that the Metropolitan Development and Housing Agency is set to review the latest plans for City Lights at an April 7 meeting.
Various developers have pursued the site over at least the past few years. Initially, their target was apartments. The shift to condos reflects the increasing perception among developers, and a slowly growing number of bankers, that demand for high-end condos is outstripping Nashville's supply.
This is as close as anyone's been to making something materialize at the site.
In January, an investor group led by Don Meeks paid $3.95 million for 0.84 acres, at the address of 20 Rutledge St.
Meeks is CEO of Houston architectural firm Meeks + Partners. Other investors include Joe Owen, the CEO of Brentwood-based Guardian Healthcare.
Meeks has not yet secured a construction loan that would enable City Lights to be built.
Last fall, Meeks pitched an 11-story building of 260 apartments. Metro code allows no more than seven stories at this location, and MDHA declined to grant any additional stories to Meeks.
27-unit luxury condo project planned near Centennial Park
From: The Tennessean
A partnership of Houston-based architect Don Meeks and a trio of Nashville investors has a half-acre site under contract with plans for a 27-unit luxury condo development that will overlook Centennial Park.
The Poston at the Park, which is planned for the northwest corner of Poston Avenue and 30th Avenue North, aims to meet demand in the local market for larger condos, Meeks said. Units will range between 1,498 square feet and 3,453 square feet in size. Prices will start at $599,200 with the larger of two planned penthouses to be sold for $2.15 million.
"We did a market study and it said there's a real shortage of condos, especially in that size," Meeks said about units bigger than 1,500 square feet. "The market's very good for for-sale luxury in that range."
David McGowan, whose Regent Homes saw the 16 condos at its Acklen at 24th Avenue development at 808 24th Ave. S. snapped up within nine months last year, sees condos at Poston at the Park selling well. The potential buyers include doctors and other people that work in the immediate area near headquarters of companies such as HCA and Caterpillar Financial Services, and also well-heeled parents with children enrolled at Vanderbilt who see the purchase as an investment.
"This is very exclusive because it's a few units with high-end finishes and amenities," McGowan said. "All things being considered, there's a limited supply of that type of product. ... There's little competition — nothing really new — and then you have the resales from the Adelicia."
In December former DuPont CEO and Nashville native Chad Holliday Jr. paid a record price of $3 million for a two-story, 2,800-square-foot condo at The Adelicia high-rise condo tower in Midtown. Downtown and the overall Nashville-area condo market has less than a two-month supply of units, according to separate trackings by both the Nashville Downtown Partnership and Greater Nashville Association of Realtors.
Meeks' firm is designing Poston at the Park to rise five stories above a two-story secured parking garage with two designated spaces for each condo unit. Interior features include 9-foot-6-inch ceilings, hardwood floors, floor-to-ceiling glass in the living areas, gas cooking in all units, gas fireplaces in 15 units and the penthouses, as well as private balconies.
The lobby is expected to have a conference room and two offices for live-work owners with a concierge at the lobby desk during daytime. A saltwater pool with a fitness center and owners' lounge is planned on the third floor. A rooftop terrace will feature a bar with media wall and large-screen TV for gatherings such as sporting events and movies.
Of the 27 condos, 25 are designated as "A" through "C" units that range between 1,498 square feet to 1,954 square feet. Five are designated "A" units with two bedrooms, two full baths and a study. Another five designated as "B" units will have two bedrooms, two full baths and a half bath/powder room and a study. The 15 designated as "C" units will have two bedrooms, two full baths, a half bath/powder room, a study, great room with living room/fireplace, kitchen, dining area combination.
The $2.15 million penthouse will be 3,453 square feet with four bedrooms, four full baths and a half bath/powder room, living room with fireplace, large family great room with fireplace, open kitchen, breakfast area, dining room and study. The penthouse priced at $1.95 million will be 3,288 square feet with three bedrooms, three full baths, a half bath/powder room, separate living room with fireplace, separate dining room, separate study, a large family great room with breakfast area, open kitchen and a fireplace. The large private balcony connects off the master bedroom and dining room in both penthouses.
Land broker Richard Wallace is representing both parties in the property deal and marketing the condos.