May is passing quickly! Funny, it was another week in which the total value of the property transfers exceeded the value of the loans recorded. And, apparently, May is a great month to buy apartment complexes because another one topped the list of sales last week.
The value of the 249 property transfers recorded was over $147 million. We recorded 20 property transfers with price tags more than a million. The most valuable property was Walden Legacy Apartments on Middlebrook Pike in West Knoxville. These apartment homes, bringing in $58.15 million, were sold by MA Walden Legacy at Knoxville LLC to SREIT Walden Knoxville LLC.
The second most valuable property to change hands is on the corner of Merchant Drive and I-75. The America’s Best Value Inn, whose property consists of two parcels, was sold by Second Creek Hospitality Inc. to Vinayaka Inc. for $2.7 million.
Also valued over a million dollars was a piece of undeveloped property in the Dowell Springs area. Provision Properties LLC sold the lot, which is directly across from the Louis M. Sansom Scout Center on Old Middlebrook Pike, to DS Medical Park LLC for $2.05 million
A second apartment complex to sell last week is on Hillcrest Drive in Fountain City; The Amy Apartments were sold by Trumark Properties to 127-129 Hillcrest LLC for $1.85 million.
Bosk Properties LLC sold the property of the TN Department of Corrections Probation and Parole Office, located at 1426 Elm Street, to Elm St Knox LLC for $1.37 million.
The last high value property transfer was between Apex Capital LLC and Glossy Dwellings LLC. This transfer included six properties on Wilson, Iroquois and Lombard streets, and was valued at $1.14 million.
With interest rates rising, we are seeing fewer people refinance therefore we’re seeing a reduction in the number of loans being recorded. Last week’s 405 loans were over $119 million with 10 of the loans being for one million dollars or more. Regions Bank funded the highest value loan in the amount of $4 million. The rest of the banks and loans were:
Even with interest rates on the rise, Knoxville is a growing residential hotspot for families relocating from other states. Neighborhoods are popping up, as are new apartment homes, to accommodate the influx of new residents. It is definitely a great place to live! Comparing the past three years, 2022 is still on track to be a record year.
Have you ever looked at our website? There is a lot of information including real estate trends, costs of recording and even a fee calculator (click on the menu button at the top right of the page to access) This is a helpful tool not just for our individual customers but for the title companies, too. You can request a copy of a deed or map through the website, but you can also obtain that information by calling our records department at our main office number 865-215-2330 or the records department directly at 865-215-3766.
Have a great weekend everyone!
Nick McBride is register of deeds for Knox County.