Oct 30 2012
Elmington Homes, a Nashville-based real estate investment firm founded by Scott Sohr, recently completed the acquisition of bank owned lots in the Farragut, Tenn., residential community of Cabot Ridge. Elmington has acquired the last ten parcels along Rockford Lane in Cabot Ridge with plans to complete new homes on the lots in the next 18 to 24 months.
Cabot Ridge is located just south of South Northshore Drive, near the Knox-Loudon county line off Harvey Road, and consists of two distinct sections. The Villas of Ridgepath Lane is fully developed with homes ranging from 3,300 to 7,000 square feet. The second section (where Elmington purchased), Homes of Rockford Lane, was partially completed when the residential real estate market experienced a downturn in 2008. The development is Sohr's second acquisition in the Knoxville area in the past few years.
"The natural beauty of Knox County and East Tennessee can make for really elegant, peaceful neighborhoods," said Sohr. "We're delighted to be a part of Cabot Ridge and see it reach its full potential as a premier residential community."
Sohr and his team are working with local builder McCamy Construction to build homes on the final ten lots. The homes are designed to offer quality construction and finishes similar to those of the existing Villas of Ridgepath Lane homes, but feature slightly smaller floor plans. The homes are over 2,600 square feet and feature open floor plans and high-end finishes including hardwood floors, stainless steel appliances, granite counter tops and heavy crown moldings. One home in Cabot Ridge has already been completed and sold in June 2012, while another is under construction and scheduled for completion in late Fall. Homes on the expansive lots feature brick exteriors and two-car garage entries, and several of the lots also provide views of the Cumberland Plateau. Prices for these homes begin in the mid $300,000s and are listed through Kim Miller with Realty Executives.
Elmington acquired the Wellington Chase development in Knox County earlier this year.