June’s commercial property sales in review: New apartments, health clinics, and rapid growth
It's no secret South Knoxville is growing. But, these numbers really illustrate it.
The Knox County Register of Deeds, Nick McBride publishes a weekly newsletter detailing the property sales for the seven-day period. Several of the transfers stuck out to teknovation.biz, as they paint a picture of the rapid growth in a number of industries in East Tennessee. Furthermore, these sales show which companies are on the move, and what type of investment they’re making in the Knoxville- Knox County community.
The highest sale in June, which took place in the first week was an apartment complex on Cedar Lane. Woodgate Multifamily Partners, LLC sold the Kinley Loft apartment community for $22 million. The new owner of the complex is 701 Cedar Lane LLC. As people continue to flood to Knoxville, the apartment business continues to be a profitable one. Many older complexes are changing hands for new developers to come in and renovate; whereas, other developers have chosen to buy land and build new rows of apartments. We are currently seeing this in Farragut with the development of Farragut Junction, Anchor 934, and City West at Turkey Creek.
“Apartment complexes can be very profitable investments,” Knox County Register of Deeds, Nick McBride said in his weekly report.
Another prevalent example of this growth was announced in mid-June, as Adelade Free LLC purchased the Adelade Apartments for $17.1 million. It has buildings at 2701 and 2710 Sevier Avenue in South Knoxville. These properties were last purchased in 2021 for $12.4 million. That is almost a 39 percent increase in property value in just three years and a profit of $4.7 million. If you ask us, that’s no shabby return on investment.
The other commercial property and the most expensive of the third week of June was a commercial building in the West Hills area of Middlebrook Pike between Weisgarber Road and Vanosdale Road. A private trust sold the office building at 7005 Middlebrook Pike to Interfaith Health Center Inc. for $3 million.
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