Capstone Apartment Partners is pleased to present The
District: a 377-unit apartment community in Knoxville, Tennessee. The District
is conveniently located directly off I-40, minutes from the premier retail and
office hubs in the highly desirable West Knoxville submarket. The West
Knoxville submarket has seen an impressive 17.5%+ rent growth over the past
year, while vacancy rates have remained lower than the Knoxville MSA average.
Current ownership has renovated 51 units with a substantial interior scope of
work, while also completing several major CapEx projects. Given the remaining
delta in rents and scope of market competitors, the 1973-built asset is poised
for a renovation program that will translate to an additional $118,164 in
annual income each year of the renovation schedule. Strong market fundamentals
and demographics, coupled with immediate accessibility to retail and entertainment,
provide new ownership with the opportunity to immediately focus on generating
this additional value with a tenant demand capable of paying for and desiring
these post-renovated units.