HM Management Sells Knoxville Community

Prime Property Investors purchased the 130-unit Class B community with the help of a $5.3 million loan from Wintrust Bank.
British Woods Apartments and Townhomes

HM Management has sold the British Woods Apartments and Townhomes, a 130-unit Class B multifamily asset outside of Knoxville, Tenn., for $7.8 million, according to Yardi Matrix. The buyer, Prime Property Investors, financed the acquisition with a three-year, $5.3 million loan originated by Wintrust Bank.

Located at 301 Briarcliff Ave. in Oak Ridge, Tenn., the community’s 17 two-story buildings are positioned roughly 20 miles west of central Knoxville. The property is 2 miles from a Walmart Supercenter-shadow anchored retail center, with the Oak Ridge Turnpike 1 mile to the north.

British Woods, constructed in 1986, contains a mix of one- and two-bedroom apartments along with two- and three-bedroom townhouse units. Floorplans range between 714 and 1,402 square feet. Community amenities include a swimming pool, a fitness center, a clubhouse and approximately 300 parking spaces. The pet-friendly property is also home to a dog park, and walking and biking trails are in the immediate area. The asset, now operated by Elmington Property Management, was 96.9 percent occupied last November, per Yardi Matrix data.

In August 2018, another townhome community in the Knoxville area changed hands as part of a $26 million portfolio transaction.

Image courtesy of Yardi Matrix