Drapac Capital Partners, an Australian-based real estate investment firm, has sold the The Parks at Cane Ridge, a 238-lot residential land tract stretching across approximately 100 acres located in the Nashville submarket of Antioch, TN for $5.3 million. The buyer is publicly-listed single-family home builder Meritage Homes.
Drapac Capital Partners purchased the property out of foreclosure in February 2015 for $500,000 from Pinnacle Financial Partners; its sale reflects a 970% appreciation value on the initial investment. Drapac Capital Partners continues to own over 700 acres of land in Nashville, including a remaining 41 acres at the The Parks at Cane Ridge site.
“There is an acute supply deficiency in high-growth cities like Nashville,” said Sebastian Drapac, COO at Drapac. “Early on, we identified Nashville as a mispriced market that would offer outsized returns. We anticipated the strong in-migration the market saw over the last three years and expect this growth to positively impact development pipelines in the near-term.”
The post Drapac Capital Partners Closes $5M Land Sale in Nashville at 970% Appreciation appeared first on Connect CRE.
Drapac Capital Partners, an Australian-based real estate investment firm, has sold the The Parks at Cane Ridge, a 238-lot residential land tract stretching across approximately 100 acres located in the Nashville submarket of Antioch, TN for $5.3 million. The buyer is publicly-listed single-family home builder Meritage Homes. Drapac Capital Partners purchased the property out of …
The post Drapac Capital Partners Closes $5M Land Sale in Nashville at 970% Appreciation appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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