Passco Companies and Greystone have recently completed the acquisition of One Riverwalk, a luxurious apartment community in Knoxville’s Knox County. Developed by Southeastern and completed in 2019, this property boasts 303 units and is currently at an impressive occupancy rate of 97%.
The purchase was made possible through the assumption of a $64.3 million Freddie Mac loan with a fixed interest rate of 3.12% for ten years, with over three years remaining on the interest-only period. This strategic move allowed both companies to successfully transact despite national declines in multifamily transactions.
According to Colin Gillis from Passco Companies, “One Riverwalk has consistently delivered exceptional performance since its stabilization in 2020, highlighting the unique appeal and location of this asset.”
Situated on a waterfront spanning over 3 acres, One Riverwalk offers stunning views of Downtown Knoxville and the Tennessee River. The property features two five-story residential buildings offering studio as well as one- and two-bedroom units averaging at approximately 884 square feet each.
This recent acquisition by Passco Companies and Greystone marks another successful venture for these industry leaders within Knoxville’s thriving real estate market.
