NASHVILLE, TN — The Clear Blue Company, a Nashville-based private equity real estate firm focused on addressing the affordable housing crisis, announced recently it is beginning construction on its first ground-up affordable housing community, which is expected to open be for occupancy in 24 months.
Located at 301 Ben Allen Road in East Nashville near Ellington Parkway, the 238-unit development that Bacar Construction is building on 11 acres in Inglewood is made possible through a large, diverse partnership that brings together public, private and non-profit entities to address the city’s pressing need for affordable housing.
“We are proud and excited to begin construction of high quality and much-needed affordable housing for the Nashville community. Over the last two years, we have collaborated with our development team and state and local officials to design a community that embraces the natural environment, which our future residents will enjoy for years to come,” said Clear Blue CEO Nick Ogden.
“There are so many partners to thank for their help in making this development possible, including Metro Councilperson Nancy Reese, THDA, MDHA and its Affordable Housing Gap Fund, Mayor Cooper’s affordable housing team, the Amazon Housing Equity Fund, the Barnes Fund, the Metro Planning Commission, Metro Parks, Appalachian Home & Health, Inc., Vaughn Development Group and our financial partners Regions Bank, JP Morgan Chase, Walker & Dunlop and Fannie Mae,” Ogden added. “We are grateful for this opportunity to advance the mission of our company, which is to help solve the affordable housing crisis by preserving and building communities that provide our residents with a clean, safe and affordable place to live.”
The $65 million development, designed by Nashville firm EOA Architects, will include seven residential buildings and a clubhouse that includes a business center to support the educational and occupational needs of residents.
The units will be a mix of one-, two- and three-bedroom apartments. The rents for all 238 units will be affordable to someone earning 60% of the median income in the Nashville area. In addition, five units will also be set aside for residents earning 30% and below of the median income and five units will be available to individuals experiencing situational homelessness.
A unique feature of the development is its incorporation of the natural environment. Through a partnership with Metro Parks and design assistance from local landscape architecture firm Hawkins Partners, the new affordable housing development will include walking trails on the property that will connect with an extended greenway and trail network on future adjacent developments.
The Clear Blue Company is a private equity real estate firm based in Nashville, Tennessee. With over $750 million of assets under management, the company’s portfolio includes 4,250 multi-family units in the Southeast – a mixture of workforce, subsidized, naturally occurring affordable and conventional rental housing. The company’s mission is to solve the housing crisis by preserving existing workforce apartments and developing new affordable housing. The blended average rent for all Clear Blue’s properties is affordable to someone earning 55% of the area median income. Based on a belief that everyone deserves a clean, safe, affordable place to live, Clear Blue’s goal is to create a repeatable model with a massive impact on affordability.