Knoxville, Tenn.—Work has started on Wellsley Park at Deane Hill Apartments. The 249-unit property is southeast of West Town Mall in West Knox County.
The development is a partnership between the Sterling Group, an Indiana-based multifamily specialist and Braxton Development, a real estate company based in Montana. Sterling and Braxton estimate that development costs will total about $29.5 million.
“We have a well-capitalized project that addresses growing residential demand in this area,” Lance Swank, president of the Sterling Group, tells MHN. He adds that the Knoxville market is attractive due to its diverse and stable economy.
The property be on about 15 acres and consist of 14 buildings featuring nine one-, two- and three-bedroom floor plans ranging in size from about 800 square feet to 1,420 square feet. Attached and detached garages will also be available.
As common amenities, Wellsley Park at Deane Hill Apartment will feature a swimming pool, resident clubhouse, cyber café, a media/gaming room, fitness center and adjacent tot room. Some units will also have a private patio or balcony and sunroom.
SGN+A Architects of Atlanta and the locally based Cannon & Cannon Inc. are the architects and engineers, respectively, on the project. The property is slated for completion in late summer 2013.