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Embrey Purchases Six Acres Development Site In Franklin From SouthStar For $24.1M

Property Image
SOLD
$24,100,000

Tennessee

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Development Site
Sold 01/23/2026
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Property Image
SOLD

Embrey Purchases Six Acres Development Site In Franklin From SouthStar For $24.1M

East Mc Ewen Drive

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Development Site
Sold 01/23/2026
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Summary

TENNESSEE
Asset Type:Development Site
Transaction Type:Sale

Embrey acquired a development site located on East Mc Ewen Drive in Franklin, TN. The property consists of six acres that will be utilized for the development of 604 apartments as part of Phases II and III of the $500 million, 22-acre Aureum mixed-use project, strategically situated near I-65. The acquisition was completed for a total price of $24.1 million.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $24,100,000
  • Buyer: Embrey
  • Seller: Glenn Wilson - SouthStar
  • Market: Franklin, TN
  • Asset Area: 6 acres
  • Project Phase: II and III of the Aureum mixed-use project

Glenn Wilson, representing SouthStar, facilitated the sale of the land to Embrey. This transaction marks a significant step in the ongoing development of the Aureum project, enhancing the community's offerings with new residential opportunities.

Players

Glenn Wilson
Glenn Wilson
2 deals$26.1M volume
BROKER
E
Embrey
BUYER
Glenn Wilson
SouthStar
Glenn Wilson
2 deals$26.1M volume
SELLER

Details

SOLD
IMAGE: 01/23/2026 ADDRESS: East Mc Ewen Drive MARKET: Franklin, TN ASSET TYPE: Development Site BUYER: Embrey SELLER: Glenn Wilson - SouthStar SALE PRICE: $24,100,000 NOTE: Embrey bought six acres in Franklin, Tenn., from SouthStar for $24.1M to develop 604 apartments as part of Phases II and III of the $500M, 22-acre Aureum mixed-use project near I-65.

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,285,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$85,622.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$114,246.30
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