StoneRiver Sells Tennessee Property for $47M
An Atlanta-based multifamily firm picked up the 240-unit community, located in the Knoxville metro area.
The Village of Westland Cove. Image courtesy of Cushman & Wakefield
StoneRiver Co. has sold The Village at Westland Cove, a 240-unit community in Knoxville, Tenn., to H3 Real Estate Advisors for $47 million.
Cushman & Wakefield represented the seller in the deal.
Completed in 2019, the Class A+ apartment community is situated on the shore of Fort Loudoun Lake, at 9635 Westland Cove Way, near interstates 140 and 40. Downtown Knoxville is roughly 20 miles east of the property.
The Village at Westland Cove comprises one-, two- and three-bedroom units, according to Yardi Matrix. Community amenities include a car care center, gaming patio, clubhouse, fitness and business center, as well as a swimming pool and outdoor kitchen.
Cushman & Wakefield’s Jimmy Adams and Robert Stickel represented seller StoneRiver, who also developed the community. Earlier this year, the company purchased a 280-unit property in Chattanooga, Tenn., for $30 million. StoneRiver secured a $27.4 million loan from Hunt Real Estate Capital for the purchase and renovation of the property.
