OAK RIDGE, TN—Capstone Apartment Partners has brokered the $3,850,000 sale of Oak Ridge Lodging: a multi-family community located in the town of Oak Ridge, Tennessee—just 30 miles west of Knoxville.
Capstone sold the property on behalf of the seller, Defalco Real Estate. The property is currently operated as an extended-stay hotel.
“With 42 years in the multi-family industry, I know energy and ingenuity when I see it. I chose the Capstone team to market my property because I felt they would get the job done better than anyone—and they did,” said the seller.
The New York-based buyer, Valor Residential, already has a large portfolio in the east Tennessee region. The company plans to convert operations from extended-stay hospitality to traditional apartment rentals and has already begun this process.
Constructed from 1983–1985, Oak Ridge Lodging is comprised of studio, one-, and two-bedroom apartment homes in four two-story buildings. The community’s amenities include a pool and sundeck, grilling area, fitness center, and laundry facilities.
The Capstone Apartment Partners’ transaction team was led by Adam Klenk, Tyler Mayo, Jonathan Hawks, and Austin Heithcock.