A joint venture between Passco Companies and Greystone has acquired One Riverwalk, a 303-unit luxury apartment community completed in 2019 and located within Knox County in Knoxville. The property is 97% occupied. Southeastern, the developer of One Riverwalk, was the seller.
The $120.7 million purchase was subject to the assumption of a 10-year, $64.3 million Freddie Mac loan bearing a 3.12% fixed rate with over three years interest-only periods remaining. The loan assumption was key to both firms finding mutually beneficial motivations to transact when multifamily transactions are down nationally.
Passco’s Colin Gillis added, “One Riverwalk has exhibited phenomenal performance metrics since reaching stabilization in 2020 which underscores how special the asset and location are.”
This waterfront property sits on 3.35 acres boasting views of Downtown Knoxville and the Tennessee River. One Riverwalk comprises two 5-story residential buildings offering a mix of studio, 1, and 2-bedroom units averaging 884 square feet.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.