Apartments, apartments everywhere!

Nick McBrideOn the Grow

October was a busy month with 1,144 property transfers which equaled $329.4 million and 1,909 loans that equaled $579.51 million! FYI, that’s more loans that we’ve recorded in a single month all year.

It was also a busy last week of the month for the register of deeds office. We recorded 291 property transfers that equaled $81.85 million and 497 loans that totaled $211.98 million.

Knoxville apartment living is certainly on the upswing! There are currently around 300 apartment complexes in Knox County, and more are coming. We just recorded a $48.4 million construction loan for a new project in Hardin Valley, Icon Apartment Homes at Hardin Valley. The developer is Blackridge Companies. According to their website, the Class A community will include 293 three- and four-story garden-style apartments and will offer luxury amenities.

Class A apartments are defined as luxury apartments. They are usually less than 10 years old and are often new, upscale apartment buildings with top amenities, high-income earning tenants and low vacancy rates. Class A buildings are well-located in the market and are typically professionally managed.

Look for work to begin soon on the site of the old Supreme Court building. The owner, C&H Knoxville Partners LLC, has secured construction financing in the amount of $39.5 million and can now begin the project. You may recall this building will have 237 Class A apartments with amenities such as a dog park and a coffee shop. Also included with the project are plans for a hotel and retail space.

More homes are coming to the area, too. D.R. Horton Inc just purchased 73 lots in the Berry Patch Farms subdivision on McCloud Road from Roy Bryan Petett for $3.75 million and also purchased 18 lots in the Windsor Forest subdivision from Mesana Investments LLC for $1.04 million. D.R. Horton is the largest homebuilder in the US and has a number of neighborhoods in Knox County.

You may have seen the Duluth Trading Company billboards stating that they are “Coming Soon.” Well, Duluth Properties LLC purchased the property at 116 N. Cedar Bluff Rd. next to the Main Event building from R&R Enterprises for $2.05 million. The building is complete so it won’t be long before you can shop in person rather than online. So far, this is the first Duluth Trading Company store in Tennessee.

Nick McBride is the register of deeds for Knox County.

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