Apartment transfers dominate activity

Nick McBrideNortheast Knox, On the Grow, South Knox, West Knox

The first week in August saw a lot of real estate activity, continuing the trend that we usually see during the summer months. We recorded 646 trust deeds valued at $158.3 million. Although this is an additional 14 loans from the week prior, the value of the property held for collateral was $8.4 million less. However, transfers outweighed the previous week in number and value. The 392 warranty deeds recorded were valued at $115.9 million. These numbers exceeded last week by $13.5 million with 38 more transfers.

Nick McBride

The largest transfer of the week involved the sale of several lots of the Roefield Subdivision off Ebenezer Road in West Knoxville. M. A. Schubert Jr, Trustee and John C. Schubert, Trustee sold two tracts of the subdivision to Clayton Properties Group Inc for $4.23 million. Clayton Properties Group, currently the 20th largest home builder in the U.S., then purchased additional lots of the same subdivision for $1.26 million. Beyond these two large sales, a few apartment complexes and offices topped the list of property transfers for the week.

Three apartment complexes changed hands. North Knox Properties GP accounted for the highest dollar amount with two transfers totaling $3.3 million. North Knox Properties sold the Skylark Manor Apartments located on Washington Pike near North Broadway to 1501 Washington LLC for $2.13 million. The other, also a North Knoxville apartment complex, Caprice Apartments, was sold to 2809 Valley View LLC for $1.2 million.

The third apartment complex to sell was The Holston Place Apartments on the corner of Chilhowee Drive and Asheville Highway in East Knoxville. The previous owner, Premium Properties Inc., sold the 23-unit complex to Hoyt Lane LLC for $1.22 million. This property last changed hands in 2017.

Another noteworthy transfer took place between TJ Papermill GP and UT Federal Credit Union. The property is located at 1512 Coleman Rd. in West Knoxville in the Papermill Place office complex. The property was purchased by UTFCU for $1.8 million.

Our last highlighted commercial property transfer was between Deborah and John Diddle, and B. Sound American Investments LLC. Unit 101 (Smile Doctors orthodontics) in the Dutchtown Professional Building located at 9220 Dutchtown Rd in West Knoxville sold for $1.14 million.

On the lending side of real estate, we recorded the following loans over $1 million:

  • Home Federal Bank of Tennessee             $4 million
  • Quicken Loans                                               $1.521 million
  • Peoples Bank of East Tennessee                $1.5 million
  • Bank of America NA                                    $1.287 million
  • Regions Bank                                                $1.25 million
  • Regions Bank                                                $1.2 million
  • Cardinal Financial Company LP               $1.128 million
  • Regions Bank                                                $1 million

All of our top lenders can be viewed at  https://knoxcounty.org/apps/top_lender/

August is off to a good start. As we continue through summer, we hope the market stays healthy. Regardless, we will be here to record and report all real estate activity to Knox County. Stay healthy and until next time, wash your hands!

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Nick McBride is the register of deeds for Knox County.

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