Novare Group, BCDC Break Ground in Knoxville
First units are expected to be delivered in early 2026.
Novare Group and Batson-Cook Development Co. have broken ground on a 271-unit garden-style community in Knoxville, Tenn., with the first units expected to be delivered in early 2026.
The property is located at 962 Mabry Hood Rd., on the corner of Dutchtown Road, less than a half-mile from Route 162 and Interstate 40. Future residents will be within minutes driving distance from Downtown Knoxville, providing access to major employers such as Oak Ridge National Laboratory, Covenant Health, Knox County Schools and the University of Tennessee.
The development will feature a mix of studio, one-, two- and three-bedroom apartments on 11.7 acres. It is set to include a coworking lounge with private rooms and a conference room, private garages, a pool with a sun shelf and tanning ledge and outdoor fire pits and grilling stations. The gated community will also have a fitness center, clubroom with a gourmet kitchen and fireplace, game room, dog park and dog wash.
Nearby, residents will have access to hiking trails, kayak rentals, tennis courts and Concord Park. Downtown Knoxville is less than 15 miles from the property while Nashville is accessible via I-40.
Dynamik Design designed the community and Summit Contracting Group will manage construction. SouthState Bank provided the financing. This project marks the 40th joint venture between Novare Group and BCDC.
Knoxville’s appeal
The Knoxville market has remained relatively healthy despite its economic headwinds, according to Yardi Matrix’s September report. Advertised asking rents were up 0.4 percent on a trailing three-month basis through July, to $1,479, exceeding the 0.3 percent US rate. Year-over-year, rates were up 1.8 percent and more than double the 0.8 percent national figure.
“West Knoxville has long been a highly sought-after submarket of Knoxville due to its suburban nature and proximity to the city’s urban core,” Rick Ross, senior vice president, Avison Young Knoxville, told Multi-Housing News. “However, the pandemic-induced exponential influx of new residents solidified its foothold on the city’s residential market. Demand continues to outpace supply in Knoxville, and rents reflect this divide, leading to heightened interest from developers and investors alike.”
Ross said that Knoxville benefits from The University of Tennessee’s continued growth and that West Knoxville’s multifamily market has seen more demand from faculty and students as housing options near campus become scarce.
