Michaelson Lands 2nd TN Community in Less Than a Month
Michaelson Real Estate Group and Eklund Development acquired Viera Cedar Bluff, a 184-unit community in Knoxville. The deal is part of a portfolio that also included 520-unit community The Metropolitan.
By Laura Calugar
Following the acquisition of recently renovated community The Metropolitan for $48.1 million, Michaelson Real Estate Group continues to expand its Knoxville, Tenn., portfolio. In partnership with Eklund Development, the company purchased The Viera Cedar Bluff Apartments, a 184-unit property built on 20 acres in the popular Cedar Bluff neighborhood. According to Yardi Matrix data, the asset last traded in 2013, when Covenant Capital Group purchased it from CLK Properties for $10 million.
Located at 424 North Cedar Bluff Road, the community provides convenient access to the area’s major transportation corridors including interstates 40, 75 and 640. The Viera Cedar Bluff Apartments is close to retail and dining options as well as Parkwest Medical Center. Featuring 108 one- and 76 two-bedroom units, the community includes apartments that range in size from 722 to 1,115 square feet. Â
Recently renovated asset
Built in 1986, the 12 two-story buildings were recently revamped. The multi-million dollar renovation included repaved parking lots, new roofs and interior and exterior renovations throughout the community.
Amenities include:
- swimming pool
- clubhouse
- fitness center
- business center
- bike, hike and jogging trails
- on-site laundry facility
- controlled access
- 230 parking spaces
Apartments now feature hardwood flooring, designer paint schemes, stainless steel appliances, built-in microwaves, oversized closets, washers and dryers and private patios or balconies.
Images courtesy of Yardi MatrixÂ
