NASHVILLE, TN—Capstone Land Sales has closed the $9.9 million sale of an apartment development site in the Nashville suburb of Lebanon, Tennessee. Situated off Carver Lane, the 45-acre site is fully zoned and entitled for 730+ units.
The Capstone transaction team was led by Adam Klenk and Austin Heithcock and supported by brokers Tyler Mayo and Jordan Arand. The team sold the property on behalf of Cedar Farm Village LLC and procured the buyer, New York-based Valor Residential Group. Valor Residential Group has been one of the most aggressive and well-respected multi-family developers and operators in the Southeast in recent years.
“This site presents our client an incredible opportunity to develop one of the Top 5 largest apartment communities in Nashville—730+ units in one of the fastest growing submarkets in the MSA.” said Klenk.
Market fundamentals in Wilson County are strong as the population soars, leading home values to increase by 58% over the past five years. Single-family home values within a mile of the development site are well into the $400,000’s.
The Wilson County I-40/840 corridor has experienced explosive industrial growth over recent years with frequent announcements from Fortune 500 firms investing millions and creating thousands of jobs. These firms are naturally attracted to the area given airport proximity, and unmatched access to multiple interstates connecting the Nashville area to major cities such as Memphis to the west, Knoxville to the east, Birmingham and Huntsville to the south, and Louisville to the north.
Last fall Thermo Fisher Scientific, a Fortune 100 company, announced a $100 million investment to open a specialized manufacturing facility at Speedway Industrial Park in Lebanon. The facility will be home to 1,400 jobs within the next 3-4 and is one of the many recent economic drivers in the market.