Knoxville Apartments Sell for $15M

The joint venture buyer plans to rehabilitate and rebrand the 146-unit community.
The Abigail. Image courtesy of Magma Equities

A partnership between Magma Equities and Viking Partners has acquired Greentree Homes Apartments, a 146-unit community in Knoxville, Tenn. A private investor sold the property for $15.4 million, according to Knox County records.

Dennis Harris of The Kirkland Cos. represented both the seller and the buyer. The new owner will rebrand the property as The Abigail.

The property last traded in 2019 for $10 million. Arbor Realty Trust provided an $8.7 million acquisition loan at that time, Yardi Matrix shows.

The property was at 88 percent occupancy at the time of the sale. The new owners plan to reposition the West Knoxville community to appeal to younger families and Millennials. Renovations are scheduled to begin in the fall.

Magma Equities has selected Elmington Property Management to oversee the community’s operations. The firm manages all of Magma’s properties statewide.

The three-story garden-style community is located at 4831 E. Summit Circle. The 10-building property sits on an 8-acre wooded parcel and was completed in 1974. The community provides one-, two- and three-bedroom apartments with floorplans averaging 916 square feet.

The property places residents within 5 miles from downtown Knoxville, the Neyland Stadium, University of Tennessee and Fort Sanders Regional Medical Center. The Kingston Pike retail corridor is less than 1 mile from the community.

In September, Magma Equities paid $27 million for a 194-unit community in Smyrna, Tenn. The investor’s portfolio in the state includes more than 700 units.