Knoxville Student Housing Communities Land Recap
Kayne Anderson Real Estate acquired an ownership stake in the properties.
Muinzer has recapitalized two student housing communities in Knoxville, Tenn., namely the 204-unit The Heights of Knoxville and the 192-unit University Park. Kayne Anderson Real Estate acquired an ownership stake in the two assets for $86.3 million, according to Knox County public records.
JLL arranged the deal. The properties are fully occupied for the current academic year.
Muinzer originally acquired the assets alongside T2 Capital Management in two separate transactions in 2021. The communities traded for a combined $60.5 million, according to Yardi Matrix information.
The University of Tennessee had 9,625 completed beds as of January, according to the latest Yardi Matrix student housing report, with another 2,576 underway. The school’s preleasing rate during the same month reached 76.2 percent, down 860 basis points year-over-year.
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Completed in 1999, The Heights of Knoxville is at 1319 Knotty Pine Way, less than 4 miles from the University of Tennessee at Knoxville campus and Neyland Stadium. Downtown Knoxville is some 3 miles away.
The community encompasses 13 three-story buildings spread across almost 31 acres. The unit mix consists of two-, three- and four-bedroom floorplans ranging between 661 and 1,128 square feet. All units are furnished and have private balconies or patios.
Common-area amenities include a business center, swimming pool with sundeck and a fitness center. The property also has a basketball court, dog park and about 550 parking spaces.
Two communities close to each other
The other community, University Park, is at 301 Lippencott St., less than 2 miles from The Heights of Knoxville and the University of Tennessee campus. Knoxville Downtown Island is 3 miles away.
Completed in 1995, the property features 16 three-story buildings across 26 acres. The unit mix comprises two- and four-bedroom floorplans varying in size from 764 to 1,220 square feet.
Amenities include a fitness center, clubhouse, tennis and pickleball court, a swimming pool and business center. The property also has 290 parking spots.
