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Rivendell Apartments

New Construction, Manchester, Tennessee

Rivendell Apartments was developed in two 48-unit phases, the first in 2004 and the second four years later. The project has its origins in a random stop Mr. Miller made while on vacation in 2002, when he discovered an ideal multifamily site, with permissive zoning in place, available for a bargain price.

phases I & II

After acquiring the land, Mr. Miller began discussing a prospective development with the Manchester Housing Authority, and a partnership took shape. Although the first phase proved a difficult financing to close, the project leased up briskly once built.

Renaissance Property Group won a second tax credit award in 2007, and this time the financing—including an equity investment by Raymond James Tax Credit Funds, as with the first phase—closed in an orderly fashion in December of that year.

The timing proved fortunate: by the time construction was complete, the global financial crisis had shuttered the market for tax credit investment.