KNOXVILLE, TN—Capstone Apartment Partners has closed the $6.2 million sale of Morningside Hills: a 154-unit apartment community in east Knoxville, Tennessee. Situated at 2040 Dandridge Ave, the asset is just north of the Tennessee River near a multitude of parks and green spaces.
The Capstone transaction team was led by Adam Klenk and Austin Heithcock, who sold the property on behalf of CICA, LLC. The local buyer, Paragon Development, L.P., plans to complete renovations to modernize the unit interiors.
Built in 1968, Morningside Hills is comprised of one-, two-, and three-bedroom apartment homes. Each unit features a fully equipped kitchen, and there are shared laundry facilities on the property. The community was approximately 90% occupied at the time of closing.