Oak Ridge Dev Site

The Oak Ridge Development Site represents a prime investment opportunity within the Oak Ridge submarket of Knoxville, TN MSA. The R-4 High Density Residential zoning provides flexibility and high potential density, allowing for the development of over 425+/- units. The submarket’s robust apartment fundamentals, with strong rent growth and relatively low vacancy rates, underpin the future viability of the project. Additionally, the lack of new supply in the submarket pipeline and favorable renter demographics further enhance the attractiveness of this opportunity. The site also benefits from its excellent location, close to major retail centers, employers, and public schools, ensuring sustained demand in a supply starved submarket.

Investment Highlights

• Ideal In-Place Multifamily Zoning
  • Zoning: R-4 High-Density Residential
    • NOT Site Plan or PUD Dependent
  • Acreage: 32.32
  • Potential Density: 425+/- Units (600+ Allowed)
• Excellent Apartment Fundamentals
  • Oak Ridge Submarket New Construction Rents
    • Effective Rent Per Unit: $1,827 (2Q24)
    • Effective Rent Per Sq.ft.: $1.67 (2Q24)
    • Rent Growth: 4.6% (T12)
  • Submarket Vacancy
    • Vacancy: 8.6% (2Q24)
  • Submarket Multifamily Pipeline
    • No New Deliveries since 2022
    • No new units forecasted to be delivered to submarket
    • The absence of new supply coupled with positive absorption bodes well for supply-starved submarket.
  • Favorable Renter Demographics
    • Rent VS Own: 40/60
    • Avg HH Income: $70K~
    • 5 Year Trailing Submarket Population Growth: 5.2%
  • Excellent Proximity to Class A Retail, Demand Drivers, and Major Employers
    • Walkable to Walmart Anchored Shopping Center and Wescott Center
    • Y-12 National Security Complex: 2.2 Miles