Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the sale of Walden Legacy, a 236-unit apartment community located in Knoxville. Robert Stickel and Nelson Abels of Cushman & Wakefield represented the seller, Sagebrush Legacy Management, in the transaction. Mount Auburn Multifamily LLC acquired the property.
“Walden Legacy is well-positioned in the affluent West Knoxville submarket with a great growth story,” said Stickel, Executive Managing Director of Cushman & Wakefield. “Through a focused value-add renovation program, strategic improvements will likely accelerate already positive performance trends while offering residents upgraded unit interiors and an enhanced amenity package.”
Equidistant between Downtown Knoxville to the east and Oak Ridge to the northwest, Walden Legacy enjoys strategic positioning with quick access to thousands of jobs as well as retail, including Chick-fil-A, Starbucks, and Publix.The property, built in 2005, is 95 percent leased. Amenitiesinclude a resort-style swimming pool, fitness center, picnic areas with grills, car care center, laundry facility, and an elegant clubhouse.
“This asset benefits from its excellent connectivity to the best retail centers and prominent employment hubs, which make it an ideal location to live in Knoxville for many people,” Stickel added.
The city’semployment growth is outpacing both the state and nation with more than 18,000 jobs created in the last 12 months.Tennessee is a national leader in economic expansion and multifamily performance while playing a prominent role in why the Southeast is the fastest growing region in the country.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group closed $3.6 billion in sales volume in 2016, totaling 223 deals and nearly 50,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
