Michaelson Acquires 520-Unit TN Community
Purchased for $48 million, The Metropolitan features one- and two-bedroom floorplans. The community has undergone a multi-million dollar renovation over the past few years.
By IvyLee Rosario
The Metropolitan
Michaelson Real Estate Group acquired The Metropolitan, in the Cedar Bluff submarket of West Knoxville, Tenn, for $48.1 million. According to Yardi Matrix, the seller was Covenant Capital Group.
Located at 790 North Cedar Bluff Road, the 1986-built property features 520 one- and two-bedroom floorplans ranging from 500 to 1,000 square feet. Comprising 27 two-story buildings on 34.3 acres, The Metropolitan underwent a multi-million dollar renovation over the last few years, which included updating the roofs, interiors and exteriors of all units and repaving the parking lots. Interior features now include wood-style flooring, stainless steel appliances, oversize closets, private balcony/patios, designer paint schemes, granite countertops and washer/dryers.
Attractive Community
Residents have access to amenities such as:
- heated indoor pool with hot tub
- clubhouse
- tennis, basketball and sand volleyball courts
- on-site laundry facility
- outdoor, resort-style pool with sundeck
- fitness center
- picnic area with grills
- auto-detailing area
The community offers close access to major transportation corridors including interstates 40, 75 and 640. Knoxville is situated in the Great Appalachian Valley, halfway between the Great Smoky Mountains and the Cumberland Plateau.
“The Metropolitan was a very attractive acquisition for us, due to its prime location north of a retail district with quick access to I-40 and I-140, just 10 minutes from downtown Knoxville,” Hector Rivera, director of acquisitions for Michaelson, told Multi-Housing News. “The asset went through a full exterior/interior renovation that earned it a first-place beautification award by the Apartment Association of Greater Knoxville.”
Image courtesy of Michaelson Real Estate Group
