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.”