Horsepower Joint Venture sold the former Lincoln-Mercury dealership located at 2300 Franklin Pike in Nashville, TN to Bluerock Real Estate and Stonehenge DCM for $5 million.
The new owners are razing the vacant retail structure to make way for the construction of the Berry Hill complex, a 266-unit, mid-rise multifamily community. These apartments are estimated to total 194,273 square feet, with a projected development cost of $33.7 million. Construction is tentatively scheduled for completion mid-2014.
Both parties were represented in-house.
Please see CoStar COMPS #2581700 for more information on this transaction.