MURFREESBORO, TN— Capstone Land Sales announces the $6,264,000 sale of a ±230-acre Opportunity Zone development site in Murfreesboro—the fastest growing city in the state of Tennessee.
Capstone’s Adam Klenk and Austin Heithcock sold the property on behalf of Whitestone Development, and procured the buyer, New York-based URS Capital.
URS Capital intends to develop over 430 single-family lots, each at least 55 feet in width. Upon completion, the single-family homes will be a component of a much larger mixed-use development that will consist of fully highway-fronting commercial space with approximately 288 multi-family units and over 40,000 square feet of retail space.
The South Rutherford Boulevard and John Bragg Highway/Mercury Boulevard intersection has been a major forefront of Murfreesboro development in the last decade due to proximity to Middle Tennessee State University, access to Interstate 24, and the available land for greenfield development. Within a one-mile radius of the site, the population has more than doubled since 2000 and is expected to grow an additional 14% within the next five years.