Richmond American Homes of Tennessee has closed on the final piece of land within its Mt. Juliet community. The final, 38.08-acre parcel was purchased for $10.12 million and will include 46 finished lots within Wilson County, according to a news release.
Originally planned as a Build-to-Rent (BTR) community, the Cassa Life Mt. Juliet developer transitioned its final phase to for-sale residential finished lots that will now be developed by Richmond American Homes. The pivot addresses the growing area’s demand for single-family owner-occupied residential units, while also completing the project and improving investor returns. Eric S. Deems and Ashley Bishop with Land Advisors Organization represented the seller CL Global MJ Investments LLC in the transaction. Richmond American plans to begin construction immediately.
“Factors including increased rental supply, shifting cap rates and anti-growth sentiment were factors driving the developer of Cassa Life Mt. Juliet to modify its plan for the final phase of its community to for-sale single-family lots,” Deems said. “The strategic shift not only addresses today’s market conditions where there are significant finished lot supply constraints, but it allows for accelerated capital returns to investors and the project’s completion – it’s a win for everyone involved.”
Cassa Life Mt. Juliet, which is located approximately 15 minutes from Nashville International Airport, is a 130-acre community that features three and four-bedroom BFR homes. Situated in one of Tennessee’s fastest growing communities, Cassa Life Mt. Juliet offers amenities, such as a resort-style pool and terrace, fitness center, indoor and outdoor lounges, coworking space, a pet park, a community garden, walking trails and is in close proximity to desirable retail and dining options. The community is also located at the gateway of Percy Priest Lake and Long Hunter State Park, providing access to miles of hiking, biking and equestrian trails as well as boat ramps and other outdoor recreational opportunities.
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