Compass Real Estate Sells Arbor Crest Subdivision for $1.2 Million
Compass Real Estate is excited to announce the closing of 49.83 Acres located off of Bakers Grove Rd. in Hermitage, TN, more properly known as the Arbor Crest Subdivision located near Percy Priest Lake. This is one of 26 properties entrusted to Team Compass by the Federal Deposit Insurance Corporation (FDIC). Compass Real Estate, along with associate The Swicegood Group, Inc. of North Carolina, assist the FDIC with previously owned bank assets across the United States.
The subdivision encompasses 49.83+/- Acres known as the Arbor Crest Development containing 64 residential lots with open space. Located near Percy Priest Lake and along Long Hunter State Park. Unfortunately, the property had been tied up in legal action for the past 2 years between Nashville Metro & the bonding company, which left much of the infrastructure incomplete.
The asset was assigned to project manager Justin Ochs, Principal Broker/Lead Auctioneer, for Compass Real Estate’s Nashville Division. Justin quickly generated 3 competing offers on the Arbor Crest property within 30 days of receiving the listing, before the appraisal could be completed and list price issued. Justin has worked diligently over the past 3 months to overcome the various obstacles dealing with legal issues, inspections, and septic concerns to bring a qualified buyer for Arbor Crest to the closing table.
The property was listed and sold by Team Compass for $1.2 Million. FDIC Asset Managers have been thoroughly pleased with the sale of properties across the state of Tennessee.