KNOXVILLE, TN – MZ Capital Partners (MZ) announced that it has completed the acquisition of a 130-unit apartment community in the Knoxville, Tennessee suburb of Oak Ridge. The Knoxville MSA maintains the lowest apartment vacancy rate of the Tennessee metros and achieved rent growth of 6.4% in the last twelve months.
Located at 301 Briarcliff Avenue, British Woods Apartments and Townhomes is a 10-acre full-amenity luxury community that consists of 17 two-story garden-style buildings with a total of 130 units. MZ acquired the property from a Nashville based private ownership group.
"Over the past several years, we have been looking to further build our real estate portfolio and feel the Knoxville market is among the most vibrant multifamily real estate markets in the country," said Michael H. Zaransky, Managing Principal of MZ. MZ Principal, Brad Zaransky added, "A growing population and job growth in the Knoxville submarket continues to create high demand for amenity rich multifamily product in the area."
MZ will totally reposition British Woods Apartments and Townhomes and over the next two years and plans to execute a "value-add" strategy to further enhance the property to meet the increasing demand for upgraded, luxury apartments in the area.
British Woods Apartments and Townhomes was built in 1987 and is located in a beautiful landscaped treed setting with Smokey Mountain foothill views and is located in close proximity to Oak Ridge National Lab, the largest employer in the region. The Oak Ridge Public School System was rated the # 1 School District in the State of Tennessee for 2018/2019.
British Woods Apartments and Townhomes consist of 32 one-bedroom apartments, 40 two-bedroom apartments, 36 two-bedroom Townhomes, and 22 three-bedroom Townhomes. The property was 98% pre-leased at the time of the acquisition.
All units have private balconies or patios and feature extremely large floor plans averaging over 1,000 square feet. The community also includes ample outdoor spaces, a club house and swimming pool, and individual in-unit washer dryers.
"Unit renovations will be done in phases as leases come up for renewal," said Michael H. Zaransky. "Common areas like the clubhouse and pool will be upgraded and a new state of the art fitness center, a dog "bark park" and outdoor recreational space will be built."
"We are extremely excited with this opportunity to expand our business in a market like Knoxville," said Brad Zaransky. The greater Knoxville area has consistently been recognized as a leading U.S. city and has achieved the following rankings: Huffington Post-10 best cities to relocate; Livability Magazine-# 2 Best Places to retire, and Forbes Magazine-# 5 Best Places for Business and Careers.