Approved site for Multifamily Development

Executive Summary

Brookside Properties is pleased to offer for sale a 25.23 +/- acre multifamily development site located in La Vergne, TN. Strategically positioned less than a mile from I-24, this prime development opportunity is zoned for high-density residential use (R-3) and has been approved for a concept plan featuring 324 multifamily units across seven four-story buildings. With no height restrictions and utilities already available on-site, the property benefits from city-supported infrastructure improvements, including a $20 million bond to widen Waldron Road. Additionally, $2.3 million has been set aside in escrow to upgrade the existing sewage lines and lift station on the property to support higher capacity. Located in one of the fastest-growing areas in the Nashville MSA, this site offers access to retail, dining and employment opportunities. The surrounding area has experienced significant population and income growth, making it an ideal investment for multifamily developers.

Investment Highlights

25.23 +/- acres of land
Zoned for 391 units (15.5 units/acre) – Zoning designation R3: High Density Residential
Located less than a mile from direct access to I-24 (159,079 VPD)
Within a 2-mile radius of the property sits 19.6 million SF of industrial buildings with a 98.3% occupancy
City of La Vergne approved a concept plan allowing 324 units (12.9 units/acre) in seven four-store buildings without a height restriction
Utilities to site; Sewage will be updated at the property with the anticipated start June 1st to be completed by January 2026.
$2.3 million set aside in escrow account by developers to build out new sewer. Multifamily developer expected to contribute $1,000/unit toward upgrading sewage.
703 Waldron Road is surrounded by a 273-lot single family development by Meritage Homes (NYSE: MTH) with prices starting in the $400k’s
Meritage Homes purchased the 123 +/- acre site in May 2024 for $10,040,000
City of La Vergne secured a $20 million bond to widen Waldron Road with construction to commence in early 2025
Waldron Road will expand from two lanes to five lanes from I-24 to Blair Rd
From Blair Rd, Waldron Rd will expand from two lanes to three lanes to Rock Springs Rd after straightening Waldron Rd near Rock Springs Elementary School
According to Google Maps, 703 Waldron Road is a 5-minute drive to Sam Ridley Parkway via I-24, the main retail corridor in La Vergne/Smyrna with over 2 million SF of retail

Approved Concept Plan

324 units (12.9 units/acre)
Unit Mix: o 113, 1-Bedroom Units o 163, 2-Bedroom Units o 48, 3-Bedroom Units
7, 4-story buildings o Max 4-story buildings o No height restrictions
Parking Calculations: o Required: 113 - 1 Bedroom Units x 1.75 Spaces 162 - 2 Bedroom Units x 2.2 Spaces 48 - 3 Bedroom Units x 3.3 Spaces o Total Required Parking: 715 Spaces + 13 H.C. = 728 o Total Provided Parking: 572 Reg + 27 H.C. + 64 Detached Garage Spaces + 41 Attached Garage Spaces + 41 Tandem Spaces = 745

Century Farms

310-acre mixed-use development located 10 minutes to the north of 703 Waldron Road with a blend of retail, residential, office and entertainment spaces
Tanger Outlets, a 280,000 SF retail space in Century Farms features 60+ stores and four restaurants for the residents of 703 Waldron Road
PopStroke by Tiger Woods is under construction on their first All Seasons Prototype featuring a traditional 18-hole outdoor mini-golf course and two 18-hole courses indoors. The venue is situated on 5.4 acres, with 52,000 SF of indoor mini-golf, 25,000 sf of outdoor mini-golf and 9,500 sf of building with indoor dining and bars spread across two floors.
Century Farms has attracted major employers including Community Health Systems, which opened a six-story office building housing approximately 2,000 employees
Nashville Soccer Club (SC) developed a state-of-the-art training facility within Century Farms

Location Highlights

Students living at 703 Waldron Road will attend the new Rock Springs Elementary, Rock Springs Middle School and the brand-new Stewarts Creek High School located in Smyrna, TN. All three schools have earned Level 5 status, the highest score possible for student performance during the 2023-2024 school year.
Nearby major grocery stores BJ’s Wholesale Club (3.2 miles) Target (3.2 miles) Publix (4.1 miles), Kroger (4.8 miles).
Well over 100 restaurants are located within a 3-mile radius of 703 Waldron Rd. These include Popeye’s, Starbucks, Pizza Hut, Burger King, Raising Kanes, Whataburger, Five Guys, Chick-Fil-A, First Watch, Famous Dave’s, Logan’s Roadhouse, Chopt, and Cracker Barrell.
In addition, the best consumer staple retailers in middle Tennessee anchor the retail sector in La Vergne and Smyrna along Sam Ridley Pkwy. These include Lowe’s, Home Depot, T.J. Maxx, Kohl’s, Academy Sports, Target, GameStop, Hibbett Sports, Target, PetSmart, Ross Dress for Less, Mattress Firm, Staples, Bath & Body Works, Ulta Beauty, Kay Jewelers, Dollar General and Five Below.
Interspersed along Sam Ridley Parkway are medical care facilities including CareNow Urgent Care, Fast Pace Health Urgent Care, Sam Ridley Urgent Care, The Little Clinic at Kroger, Vanderbilt Health Clinic at Walgreens, MinuteClinic at CVS and TriStar StoneCrest Medical Center
• TriStar StoneCrest Medical Center is a 119-bed comprehensive facility offering a full array of acute care services, including cardiology, emergency, oncology, orthopedics, rehabilitation and women’s services. o 6,386 annual patient admissions o 48,038 annual ER visits o 663 staff

Nashville, TN

Nashville claimed the #1 spot as the Real Estate Market to Watch for three consecutive years - 2022, 2023 & 2024 – according to PwC and the Urban Land Institute’s prestigious Emerging Trends in Real Estate Study.
From 2024 to 2029 Nashville MSA’s population is projected to increase by 1.51% annually, by comparison the US population is projected to increase by 0.38% annually. Source: Esri
The Nashville region is home to more than 2.1 million people and 60,000 businesses as of 2024. Key industries include healthcare, music and entertainment, professional services and tourism. Many corporate headquarters call Middle Tennessee home including, Nissan North America, Bridgestone Americas, Dollar General, Hospital Corporation of America, Cracker Barrel and Gibson Guitar.
In April 2024, Oracle Chairman Larry Ellison announced plans to relocate the company’s world headquarters to Nashville. This decision aligns with Oracle’s strategic focus on the healthcare industry, a sector in which Nashville excels. The planned campus is expected to bring 8,500 jobs and over $1 billion in investment to the city over the next decade.
Amazon has been expanding its presence in Nashville, with plans to create more than 5,000 corporate and technology jobs. As part of Amazon’s larger push to grow its presence in key cities, the company announced the Amazon Towers development. The project involves the construction of two towers, with a combined total of more than 1 million square feet of office space. The towers are designed to house Amazon’s Operation Center of Excellence and as of early 2024 the company had already hired over 2,500 employees in the area.
Tourism continues to be a significant driver of Nashville’s economy. In 2023, the city welcomed a record 16.8 million visitors, who spent an estimated $10.56 billion ($29 million/day), marking a 5.9% increase from the previous year. Projections suggest that by 2027, visitor spending could rise to $12.07 billion, underscoring Nashville’s growing appeal as a premier destination for music, culture and events. By 2033, Nashville is projected to surpass the 20 million annual visitors mark.
The Nashville area unemployment rate as of December 2024 was only 3.0%, the lowest among major metropolitan areas according to data released by the U.S. Bureau of Labor Statistics.

Rutherford County

Overview Rutherford County offers residents an enviable quality of life that combines the charm of a small town with the amenities of a larger city. A strong sense of community and belonging makes newcomers feel welcome, and a diverse array of parks, recreational facilities and community events keep those who live in the community active and involved. The county’s vibrant economy provides a good mix of job opportunities, particularly in health care, aviation and aerospace, manufacturing, and education – contributing to a stable employment environment. Not only that but Rutherford County boasts excellent schools, affordable housing options, and a thriving art, cultural and entertainment scene. Those are just a few of the reasons Rutherford County stands out as a desirable place to live, work, and raise a family. (source: livability.com/Rutherford-county)
Quick Facts • 2024 population 388,900 • 3.0% unemployment rate in December 2024 • $82,588 Median Household Income • Fastest growing county in Tennessee for total population growth eight years in a row • Second most populous county in Nashville MSA behind Davidson County • Topre America Corp • #2 Best Counties to Live Near Nashville (niche.com) • #2 Best Counties for Families Near Nashville (niche.com) • #2 Counties with the Best Public Schools Near Nashville (niche.com) • #2 Best Counties for Young Professionals Near Nashville • 6.9% annual growth rate in population since mid-2020 • Population increased by 9,300 residents, 25 per day, in 2024 • From 2010 to 2024 the population increased by 44.4%; over that same period the US population grew by 7.7% and Tennessee’s population grew 10.9% (sources: Esri, Federal Reserve Economic Development, Niche.com)
Rutherford County Top Employers Employer # of Employees Rutherford County Government 7,441 Nissan North America 7,000 Amazon 2,700 City of Murfreesboro 2,569 Ascension Saint Thomas 2,515 Middle Tennessee State University 2,186 Ingram Content Group, Inc 1,850 Department of Veterans Affairs 1,600 The Kroger Co 1,216 Asurion 1,165

Smyrna/La Vergne Submarket

City of La Vergne, TN

Overview La Vergne, Tennessee, is a thriving and close-knit community located in Rutherford County, just 20 miles southeast of Nashville. Situated near major interstates, La Vergne provides residents with easy access to downtown while maintaining a suburban charm. The city is home to a diverse population and provides various housing options, recreational facilities, and educational opportunities, making it an attractive place for families, young professionals, and retirees alike. With a strong local economy, La Vergne benefits from its proximity to industrial and commercial hubs, hosting several major employers in manufacturing, logistics, and distribution. The city’s commitment to community events, safety, and quality infrastructure adds to its appeal, solidifying its reputation as a welcoming and vibrant place to call home. (sources: Lavergnetn.com, Tennessean.com, Data USA)
La Vergne Quick Facts • 2024 Population 41,837 • 1.9% unemployment rate in November 2024 • 735 businesses in La Vergne with 12,650 employees • $85,956 Median Household Income • From 2010 to 2024 the population increased by 28.3% • Quanta Manufacturing announced it will make a $50 million investment retrofitting a building near its current site, to assemble more servers and racks for cloud computing and plans to add 495 jobs over 5 years. • #1 Most Diverse Suburbs in Nashville Area • #9 Best Places to Buy a House in Nashville Area • #9 Suburbs with the Lowest Cost of Living in Nashville • #13 Best Suburbs for Young Professionals in Nashville Area • #16 Best Suburbs to Raise a Family in Nashville Area (sources: Esri, Federal Reserve Economic Development, Niche.com)
Employer # of Employees Amazon 1,100 Ingram Content Group 1,850 Vantiva Supply Chain Solutions 1,300 Cardinal Health 816 Saks Fifth Avenue Distribution 642