Muinzer-Led JV Acquires Knoxville Student Community
- Sep 28, 2021
A partnership between Muinzer and T2 Capital Management has acquired The Heights of Knoxville, a 636-bed student housing property in south Knoxville, Tenn. JLL Senior Director Scott Clifton helped arrange the transaction.
The community, which serves students attending the University of Tennessee-Knoxville, was fully leased at the time of sale. The asset last traded in 2019, when Saban Capital Group acquired it from Scion Group, Yardi Matrix data shows.
Completed in 1999, The Heights of Knoxville encompasses 13 three-story buildings on roughly 31 acres. The unit mix includes two-, three- and four-bedroom apartments, with floorplans ranging from 868 to 1,270 square feet. All units feature high-speed internet access and washers and dryers. Community amenities include a swimming pool, gym, computer lab, basketball and volleyball court as well as 550 parking spaces.
Located at 1319 Knotty Pine Way, the community is less than 4 miles southeast of the UTK campus and some 3 miles from downtown Knoxville.
The acquisition marks Muinzer’s first foray into the Knoxville market. The company plans to invest $325 million to expand its footprint in top U.S. university markets.
Last year in February, Muinzer paid $48 million for a 1,134-bed community in Indiana serving Purdue University students. JLL’s Scott Clifton was part of the team that brokered the transaction.