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DAC Developments Acquires Development Site In Nashville For $22 Million
SOLD
$22,000,000
Tennessee
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Sold
SOLD
DAC Developments Acquires Development Site In Nashville For $22 Million
319 Peabody Street
See Similar DealsDevelopment Site
Sold
Summary
TENNESSEE
Asset Type:Development Site
Transaction Type:Sale
A development site located at 319 Peabody Street in Nashville was sold for $22,000,000. The property encompasses nearly an acre and is earmarked for a multi-use project featuring a 53-story hotel and condominium tower, which will include 405 hotel rooms and 104 condos, along with retail spaces and various amenities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Address: 319 Peabody Street
- Market: Nashville
- Buyer: DAC Developments
The property acquisition is intended for a significant development project by DAC Developments, which plans to create a prominent hotel and condominium complex at the site. The transaction reflects the company's strategic investment in Nashville's real estate market.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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