MADISON, TN—Capstone Land Sales has closed the $5 million sale of a 22.4-acre multi-family development site assemblage in the Nashville suburb of Madison, Tennessee. The asset is situated at the corner of One Mile Parkway and Connare Drive just off Gallatin Pike N by Lowe’s.

Capstone’s Adam Klenk represented the buyer, Greystar, who plans to develop 396 apartment units. The assemblage consists of land owned by sellers Tommy & Judith Davis and Grand Prix LLC of Nashville.

“Capstone is proud to have facilitated the closing of another multi-family development site in Madison. The site presents an incredible opportunity for Greystar to develop a large surface-parked project off Gallatin Pike, the main artery of Madison and a major growth thoroughfare in the MSA,” said Klenk.