KNOXVILLE, TN—Capstone Apartment Partners announces the $47.75 million sale of Briarcliff at West Hills: a 376-unit garden-style apartment community located off I-40 in west Knoxville. The asset is proximate to a variety of retail, dining, and grocery options at Downtown West, Old Kingston Towne, Suburban Plaza, and Walker Springs Plaza shopping centers.
The Capstone transaction team was led by Tyler Mayo and Alex McDermott, who sold the property on behalf of Charlotte-based MACC Venture Partners. The buyer is New Jersey-based Cider Moon Investment Group, who plans to renovate unit interiors and enhance the community’s amenity package.
“Briarcliff at West Hills provides new ownership with significant scale located in one of Knoxville’s strongest pockets. On behalf of our seller client, we were able to deliver on a competitive off-market offer from a buyer with whom we had recently assisted on the sale of another community located in the same submarket. Overall, this was a great execution for both parties,” said Tyler Mayo.
Built in 1973, Briarcliff at West Hills is comprised of one-, two-, three-, and four-bedroom apartment homes featuring wood-style flooring, granite countertops, glass tile backsplash, black appliances, washer/dryer connections, and a patio or balcony.
Community amenities include a swimming pool, fitness center, volleyball court, playground, picnic/grilling area, pet play area, and laundry facilities. Briarcliff at West Hills was approximately 93% occupied at the time of closing.