A joint venture between MACC Venture Partners and Legacy Capital Partners has acquired a two-community, 456-unit portfolio in Knoxville, Tenn. The seller, Hyde Capital Group, traded the assets for $32.2 million, according to Yardi Matrix. Prior to the transaction, both properties last changed hands in August 2014, when Hyde acquired the two communities for $25.6 million from The Embassy Group.
The Knoxville portfolio includes the 376-unit Briarcliff at West Hills and the 80-unit River Hills. While the previous owner renovated the larger of the two communities in 2015, the new owner plans to begin further capital improvements to both assets.
“The enhancements program we have for these assets will elevate the quality of the asset and we will manage it through MACC VP’s sister company, Capstone Multifamily Group,” said Tony Azar, CEO of MACC, in a prepared statement. “These communities will offer an affordable option for renters in an expanding and growing marketplace where pricing pressures have driven price-conscious renters from Class A properties.”
Briarcliff at West Hills, located at 505 Buckeye Drive in the Northshore submarket, is approximately 1.5 miles from Interstate 40. The property is near a large selection of retail properties, including the 1.3 million-square-foot Simon-owned West Town Mall. The garden-style community’ s 20 buildings contain one- to four-bedroom apartments, with floorplans ranging from 506 to 1,900 square feet. On-site amenities include:
- swimming pool
- fitness center
- volleyball court
- business center
River Hills is a townhome community situated at 3017 Limestone Drive in Louisville, 12 miles south of Knoxville. The property’s 16 buildings are near McGhee Tyson Airport. Residents of the 1,008-square-foot townhome units have access to a saltwater swimming pool, a dog park and complimentary Wi-Fi in public areas.
Earlier this year, MACC teamed up with CapStack Partners to acquire a nearly 500-unit portfolio in Nashville, Tenn.
Images courtesy of Yardi Matrix