HRS Moving Forward With Sale Of Claude Darwin Property

Highlands Residential Services will move forward with the disposition and sale of Cookeville’s Claude Darwin apartment property.

Nashville Real Estate Professional Waddell Wright said the housing authority would likely get about $4.1 million for the 11.5 acres off Walnut Avenue.

“We know if we do apartments we could get 188 units,” Wright said. “If someone would want to do a for sale product I think that would yield about 91 town homes on the site. So we know the potential buyer will be an apartment developer or a housing developer.”

The land was originally appraised for $1.8 million in February. But, Wright said Cookeville property prices have escalated since then.

“There is already interest out there,” Wright said. “There are several apartment developers out there that are looking for market housing, workforce housing. I’ve been approached by several, and they are looking for anywhere in Tennessee. Nashville has gotten so expensive. I was giving an example earlier. I represented a group and we paid about $600,000 for a little half acre lot two years ago on Dickerson Road in Nashville. Two weeks ago, I turned down $1.75 million. Prices everywhere are just sky rocketing.”

Housing Authority Executive Director Dow Harris said two things must happen first before the land can switch owners: the Department of Housing and Urban Development must approve the transition and all residents need a relocation option.

“Forty-eight of those residents are proposed to transition to Hickory Valley,” Harris said. “So we can’t give control until we can relocate, so we got to get Hickory Valley built.”

Until then, Wright said he will work on the marketing plan for the property and start vetting potential buyers. Harris estimates that the first few units of Hickory Valley will be completed in the fall.