Details discussed on new apartments coming to north Jackson

JACKSON, Tenn. — More housing developments are scheduled to come to the Hub City.

Larson Capital Management is investing $49 million for a new apartment complex in north Jackson, within the Sterling Farms Development. Larson Capital says they were finding that it has been hard for people to purchase homes right now and most are looking for places to rent. They looked at many cities across the country, and Jackson was one of their top options to invest.

“What we’re finding is a lot of individuals are having a hard time purchasing a home right now with interest rates so high. So it’s driving many of them to go and rent. As we were looking throughout the United States, we found a few markets that we wanted to invest in, and Jackson came to the top of the list,” said Paul Larson, Larson Capital Management President.

So what did they find that Jackson needed? It was told to us that after approaching the City of Jackson, it was apparent that there is a need in the workforce housing section.

“But when we approached Jackson, Tennessee, and looked at all of the demographics and the people that were needing housing, we realized that the predominate need was going to be in the workforce housing section,” said Larson. “That’s why we developed what we did. We are working with a builder there, that is Vanor Properties, that has done a lot of workforce housing all around Tennessee.”

Affordable housing is a term that gets used often when it comes to new developments. How is Larson Capital going to make sure these apartments are affordable?

“This is a challenging thing to do for us, along with a lot of developers, because the costs are extremely high right now for so many different pieces. As we are building out these different projects, it is important to ultimately find groups where you can take out the middle men,” Larson said.

Paul says taking out the middle man removes a lot of fees, which can help keep the rent down. Larson Capital Management says they are very excited to come to this area.

Construction is anticipated to start this summer and conclude in the summer of 2025.

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