The Lofts in Pigeon Forge, a 204-unit affordable housing apartment complex along with land zoned for another 224 units, has sold for $31 million.
Heidi Adams and Trey Miller, both senior advisors at NAI Koella | RM Moore, represented the sellers, Jimbo Conner and Austin Williams, in the transaction. The property sold to a buyer group out of New York and closed in mid-December 2021.
“Having watched the growth of the Knoxville multifamily market and witnessing first-hand the cap rate compression on sales in Metro Knoxville, it was only a matter of time until Sevier County hit the radar of larger investment firms,” Adams said in a release.
“This is an important transaction for a couple reasons,” Miller added. “It proves that bigger pools of outside capital are starting to recognize greater opportunities in East Tennessee, especially Sevier County. It also proves that investor demand for local multifamily projects is strong.
Trey Miller is a Gatlinburg native with a master’s degree in real estate development. Heidi Adams spent over 23 years in the commercial real estate industry in Central Florida before relocating to Knoxville. She last served as a director of brokerage and asset management for Taurus Southern Investments, a German investment firm, where she was responsible for brokerage activities and asset management of over 2.5 million square feet of high-tech office and flex products in Central Florida and Jacksonville.