Richmond American Homes Purchases 38-Acre Final Phase of the Cassa Life Mt. Juliet Development in Tennessee for $10M

Developer shifts plan from BTR to for-sale single-family lots, allowing the national homebuilder to bring 46 new homes to the growing community.

 NASHVILLE (November 13, 2024) – Land Advisors Organization’s Nashville office announces that Richmond American Homes of Tennessee completed the purchase of the final undeveloped land parcel within the Cassa Life Mt. Juliet community for $10.12 million. The 38.08-acre parcel provides Richmond American Homes with 46 finished lots within Wilson County, Tennessee’s top-rated school district.

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.

Land Advisors Organization’s Nashville land team provides advisory services to landowners, home builders, developers, and investors. In addition, the firm’s proprietary and expansive data-driven market analytics are available for the middle Tennessee and surrounding markets to assist in strategic land planning decisions for both landowners and buyers. Land Advisors Organization’s Nashville office is located at 3322 West End Avenue, Suite 610, Nashville, TN 37203.

About Land Advisors Organization

Founded in 1987, Land Advisors Organization is the nation’s largest land brokerage firm specializing in providing deep market insights to landowners and purchasers for the most comprehensive and effective evaluation of land in markets across the country. By integrating current local market information with cutting-edge technology and geographically specialized professionals, Land Advisors Organization advises clients in identifying and capitalizing on valuable land opportunities in all economic environments. Land Advisors Organization serves landowners and purchasers from offices in Phoenix, Tucson, Casa Grande and Prescott, Arizona; Irvine, San Francisco, Century City, Pasadena, Roseville and San Diego, California; Orlando, Jacksonville and Tampa Bay, Florida; Atlanta, Georgia; Charlotte, North Carolina; Nashville, Tennessee; Kansas City; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Austin, Houston and Dallas-Fort Worth, Texas; Salt Lake City, Utah and Seattle, Washington. Stay connected with us on Twitter, Facebook and LinkedIn.

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Media Contact: Patty Johnson, Connections Marketing & Communications
PattyJohnson@Connections-marcom.com or 602.402.2965