Brentwood-based real estate investor Ardavan Afrakhteh has paid $3 million for a two-parcel property hugging the south side of Nashville’s inner-interstate loop — 12 times the figure for which the real estate sold 20 years ago.
According to a Davidson County Register of Deeds document, the sellers of the Chestnut Hill property, with addresses of 906-908 Second Ave. S., were Rashid Nowroozi and Fatemeh Tahmasbi. Nowroozi seemingly is owner of Pars Auto Parts, which operates from the site. He and Tahmasbi paid $250,000 for the property in 2003, Metro records show.
For context, the sellers in the 2003 transaction paid about $100,200 for the property 20 years earlier.
Afrakhteh garnered headlines in 2015 when he paid $2.4 million for the 1912 Broadway site in Midtown known at the time as accommodating the J&J's Market and Café building (read here) and, later, $3.3 million for the Noshville building (read here). Afrakhteh said he planned to redevelop the site with a mixed-use tower via his Land Development.com. However, that effort never materialized and he decided to sell to Vanderbilt University for $13.25 million (read here).
In addition, and also in 2015, Afrakhteh eyed a Brentwood-area site for a six-story 100-room hotel, an undertaking he would later nix (read here).
Similarly, Afrakhteh once sought to develop Howard’s Hill in West Nashville’s Sylvan Summit, with that project eventually scrapped (read here) and developer Baird Graham underway with a separate residential project (read here).
Related to the Second Avenue South purchase, Afrakhteh has landed a loan valued at $2 million from LaFollette, Tennessee-based Peoples Bank of the South.
The transaction comes after Magpar LLC in April 2022 paid $4.1 million for two nearby properties with addresses of 20 and 24 Lafayette St. The Post was unable to determine details about the LLC. (Read more about those properties here.)