NASHVILLE, TN—Capstone Land Sales has brokered the sale of a ±6.58-acre development site in Nashville’s affluent Brentwood submarket. Perched atop a hill on Stone Brook Drive, the site offers spectacular views of the city and excellent proximity to major area employers.
Capstone’s Adam Klenk, Austin Heithcock, and Tyler Mayo facilitated a competitive marketing process on behalf of the seller, Mt. View LLC.
The buyer is Greenville, South Carolina-based Graycliff Capital Development, who plans to build a Class A 195-unit apartment community to be named Encore at Brentwood. They were attracted to the site as it is one of the few remaining approved development sites in the city. Encore at Brentwood will be their second development project in the Nashville MSA after Waterleaf at Old Franklin, which they sold earlier this year. Graycliff also owns The Standard at White House in the Nashville suburb of White House.
Encore at Brentwood will be the first luxury multi-family development project in Brentwood in several years. Graycliff expects to deliver first units in Q3 of 2024.
“We could not be more excited to see Encore and Brentwood Apartments break ground soon. Everyone knows how challenging it is to find high-density approvals in Brentwood, which makes this development one of Nashville’s top developments to watch over the next few years. We’re grateful to have worked with such a great buyer, Graycliff Capital, and seller who worked hand-in-hand over many months to arrive at a successful closing,” said Klenk, managing director of Capstone’s Nashville-based brokerage firm.
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market Insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
About Graycliff Capital Partners, LLC
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multi-family development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed 15,300 units, executing approximately $3.7 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Over the past decade, Graycliff’s geographic reach has extended beyond the Carolinas to other parts of the Southeast, including Tennessee. Graycliff’s portfolio also includes multi-family communities in the Mountain West, including Utah and Idaho. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit www.graycliffcapital.com.