The Progress business plan specified that the fund preferred homes built in the last 15 years and priced between $70,000 and $190,000.
“The common characteristics … will be suburban locations, family oriented neighborhoods, low crime rates and close proximity to good schools and employment opportunities,” according to the solicitation to investors.
The Nashville area is rich with such housing. La Vergne, an outer suburb on the shores of a scenic reservoir, has seen its population more than quadruple since 1990, growing to more than 35,000 residents. On Tammy Sue Lane and some other streets in La Vergne, the landscape still looks freshly cleared — if a yard has trees, they’re often spindly.
