KNOXVILLE, TN—Capstone Apartment Partners has closed the $33 million sale of 811 East Downtown: a 173-unit apartment community with high-end finishes and a generous amenity package.
Wilmington, NC-based Evolve Companies and Zimmer Development Group developed 811 East Downtown in 2015 in a joint venture. North Carolina-based Southwood Realty acquired the asset in a loan assumption transaction, marking their entrance into the Knoxville market. They will self-manage the property.
The 5.86-acre community is situated at 811 Evolve Way just east of downtown Knoxville. The Capstone transaction team was led by Caleb Troop, Austin Green, Adam Klenk, and Tyler Mayo.
“The Evolve-ZDC team once again delivered an extraordinary product in Knoxville that has outperformed the past several years. I have no doubt that Southwood will continue to build upon the success of 811 East as they aim to meet the needs of renters across Knoxville,” said Troop, the lead broker on the sale.
811 East Downtown is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, granite countertops, subway tile backsplash, stainless-steel appliances, walk-in closets, washer/dryer connections, and a patio or balcony. The gated community features a saltwater swimming pool, rooftop patio, clubhouse, fitness center, theatre room, tanning booth, game room, outdoor kitchen, pet wash station, and bike rentals. The asset was approximately 97% occupied at the time of closing.