NASHVILLE, TN—Capstone Apartment Partners has closed the $8.7 million sale of a 19.31-acre multi-family development site in the Nations neighborhood of Nashville. The asset is situated at 4000 Dr. Walter S. Davis Blvd along the Cumberland River near Tennessee State University.
Representing Capstone’s Nashville brokerage team, Adam Klenk led the transaction on behalf of Hattiesburg, Mississippi-based Tack Nashville, LLC. The buyer, Birmingham-based LIV Development, plans to develop 315 apartment units on the site.
“Capstone is thrilled to have closed yet another prime multi-family development site in the Nashville MSA for 2021. This site is located halfway between The Nations and Metrocenter, allowing our buyer to cater to tenants desiring proximity to both red hot submarkets,” said Klenk. “The fortunate position of handling quality development site transactions is that it affords us the ability to keep the pulse on all submarkets and guide developers to those sites with the most upside and Gen-Z trend.”