KNOXVILLE, TN—Capstone Companies is pleased to announce the successful closing of the City View Apartments Development Site, a ±16.26-acre multifamily zoned site located in the vibrant Loudon County submarket of Knoxville, Tennessee. The sale was finalized on August 2nd, 2024, marking a significant milestone for the region’s real estate market.
The development site is strategically situated just off Highway 321, which boasts a high traffic volume of 20,950 vehicles per day. This prime location offers future residents exceptional connectivity to downtown Lenoir City, Maryville, and the greater Knoxville Metropolitan Statistical Area (MSA). The development site is poised to serve Class A tenants or support an affordable development initiative such as the Low-Income Housing Tax Credit (LIHTC) program.
The Capstone brokerage team, led by Firm Partner, Adam Klenk, orchestrated a successful marketing process on behalf of the sellers. Brokerage team members Austin Heithcock, Jordan Arand, Joshua White, Blake Wiser, and Quentin Nichols also assisted in the sale process.
The site has undergone extensive due diligence, including a boundary and topographic survey, geotechnical exploration, and service availability confirmation. Additionally, the project includes will-serve letters for water, wastewater, and natural gas from the Lenoir City Utilities Board, which ensures a seamless development process for new ownership.
“We are thrilled to have brokered the sale of such a promising development site in the Knoxville MSA,” said Adam Klenk, Partner at Capstone. “This transaction underscores the growing demand for rental properties in the area and presents a tremendous opportunity for developers to capitalize on the region’s rapid growth. The City View Apartments Development Site is uniquely positioned to offer premium affordable housing options, meeting a wide range of market needs.”
About Capstone
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multifamily investment properties. To do so, we provide comprehensive multifamily advisory services in asset acquisition and development, strategic ownership decisions, market Insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multifamily-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
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