Haven Realty Capital Buys Knoxville SFR for $23M

The 54-home project is expected to reach full stabilization at the end of the year.
Windermere Trails. Image courtesy of Haven Realty Capital

Haven Realty Capital has paid $23 million for the completed first phase of Windemere Trails, a dedicated single-family rental project in Knoxville, Tenn. The homebuilder will acquire the next phase of development, with the entire project expected to stabilize in November of this year.

Plans for Windemere Trails call for 54 two-story homes across 21 acres at 11103 Hardin Valley Road. Averaging 2,180 square feet, the homes will offer four bedrooms, two baths and an attached garage. In-unit amenities include hardwood floors and stainless steel appliances. Selected homes will also feature a back porch and fireplaces.

The community is 17 miles west of Knoxville and is served by an elementary school, a middle school and the Pellissippi Community Collage, all approximately 1 mile from the property. Retail and dining opportunities are also close along the Hardin Valley Road.

Haven Realty Capital’s first transaction in the Tennessee market brings the company’s portfolio to 17 dedicated rental communities across seven states. Recently, the Los Angeles-based company acquired an $80 million SFR portfolio in Charlotte, N.C., and Atlanta, as part of the firm’s growth strategy in the coming 12 months.

Over the past year, the SFR market experienced sustained momentum, attracting traditional homebuilders and large institutional investors alike. The pandemic-induced crisis and consequent work-from-home policies boosted demand for single-family rentals, as many families looking for more space have chosen to relocate to the suburbs.