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Drapac Capital Partners has sold the The Parks at Cane Ridge residential land tract in Antioch, TN for $5.3 million to Meritage Homes.

Drapac Capital Partners Closes $5M Land Sale in Nashville at 970% Appreciation

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.”


Inside The Story

Drapac Capital Partners' Drapac

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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