KNOXVILLE, TN—Capstone Apartment Partners has closed the $31 million sale of Views at West Town: a 194-unit apartment community situated on 16 tree-lined acres in West Knoxville, Tennessee.
Capstone’s Tyler Mayo, Adam Klenk, Luke Searcy, and Jordan Arand sold the property on behalf of New Jersey-based Cider Moon Investment Group. The buyer, Austin-based GVA, plans to continue modernizing unit interiors and implement strategic in-house management practices.
“Capstone is thrilled to have closed another transaction in the Knoxville MSA in 2021. Cider Moon’s execution of their value-add initiative presented investors a unique opportunity to acquire a well-built asset located in the top West Knoxville submarket. As a result, our marketing strategy yielded an extremely competitive bidding environment with GVA ultimately emerging as the top buyer,” said Mayo.
Built in 1981 and partially renovated in 2021, Views at West Town is comprised of one-, two-, and three-bedroom apartment homes. With a proven value-add program in place, coupled with Knoxville’s strong rental market, the property is well positioned for an above-and-beyond scope with next level renovations.
Community amenities include a swimming pool, dog park, coffeebar, community room, business center, and picnic/grilling areas. Each apartment home features a fully equipped kitchen, private patio or balcony, ceiling fans, brushed nickel fixtures, spacious closets, and washer/dryer connections. Views at West Town was approximately 98% occupied at the time of closing.