Friday, March 04, 2016 09:00 AM

MUSIC ROW MIXED-USE APARTMENT SITE UP FOR SALE

Dallas-based Forestar Group has put its roughly 1.38-acre mixed-use Music Row site up for sale, with separate plans to take its completed 320-unit Acklen apartments in West End Park to market in the second quarter.

Commercial brokerage firm HFF is handling listing of the land at 54 17th Ave. S., which real estate and natural resources company Forestar bought for $6.25 million just over two years ago.

Forestar abandoning that six-story, $48 million, 230-unit Music Square Flats apartment project is related to the company's decision to exit its multifamily portfolio.

Just over a month ago, Forestar said it would no longer allocate capital to new communities in what it now considers a non-core business. The company's earnings has declined amid a sharp drop in oil and gas prices.

On Forestar's earnings conference call this week, CEO Phil Weber said interest is strong in the Music Row site and two others in Charlotte, N.C., and Austin, Texas, which HFF also is marketing.

The Music Row site includes parcels that had addresses 54, 56, 58, 60, 62 and 64 Music Square West (a.k.a. 17th Avenue South).

In addition to apartments, Music Square Flats would've included retail space.

At 111 Acklen Park Drive, Acklen apartments offers luxury studio, one- and two-bedroom apartment units.

In addition to real estate development, Forestar has oil and gas and water resource holdings and timberlands.

News source: http://www.tennessean.com/story/money/real-estate/2016/03/02/music-row-mixed-use-apartment-site-up-sale/81235466/

See also: Trauger