Minneapolis-based Timberland Partners Investments acquires Class A apartment community in Knoxville, Tenn.
(Jan. 4, 2021) – Timberland Partners has acquired Heritage Lake Apartments, a 262-unit apartment community in Knoxville, Tenn. This was Timberland Partners’ ninth acquisition in 2020. This is also Timberland Partners’ first property in the Knoxville area and tenth in the state of Tennessee.
Built in 2001, the Class A property is located 20 minutes west of the downtown core. Residents can choose from updated and spacious one, two and three-bedroom floorplans. All units have a balcony or patio, high ceilings, crown molding, full-size washer and dryer hookups and modern kitchens. The property has its own one-acre lake, gazebo, 24-hour accessible fitness center and a recently updated swimming pool.
The apartment community has been significantly updated and improved. Approximately 75 percent of the units have new kitchen countertops, cabinet doors, stainless steel appliances, flooring, lighting and plumbing fixtures. Timberland Partners has plans for additional renovations and improvements to the apartments and common spaces upon closing.
Heritage Lake is conveniently located near several large area employers, and shopping, dining and entertainment options. Knoxville is an attractive real estate market and aligns well with Timberland’s overall investment strategy. The community is growing, with a diverse and educated population. The city is home to the University of Tennessee, five state parks, nine lakes, and boasts countless options for outdoor activities.
“Heritage Lake Apartments is in a highly sought-after neighborhood with multiple competitive advantages that will set it apart for years to come,” said Aaron Spiegle, Acquisition Specialist with Timberland Partners. “We are very excited to add this property to our portfolio and to enter the Knoxville market. This was an attractive opportunity for our real estate investment partners that is primed to produce strong returns.”
Minneapolis-based Timberland Partners owns and manages a portfolio of 81 communities in 15 states for a total of more than 17,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com.