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R. Investments RLLP of Denver paid $8.5M for the recently closed Super 8 motel on 709 Spence Lane, near Murfreesboro Pike, and is planning to develop apartments on the site. Shri Krishna Investments was the seller of the 5.5-acre property, which also included the location of the Dad's Lounge sports bar.
The buyer has not released detailed plans for redevelopment of the site. Capstone Apartment Partners marketed it as a redevelopment opportunity to create an apartment with 234 units and more than 7K SF feet of restaurant and retail space.
The deal represents R. Investments' first foray in Tennessee, the Tennessean reports. The company specializes in apartment properties and has holdings in Florida, Indiana, Kentucky, Missouri, Ohio and Oklahoma.
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