Core-Plus Acquisition

Ridge at Hamilton Crossing

Maryville, Tennessee

Property Overview

 

The Ridge at Hamilton Crossing Apartments offers one-, two-, and three-bedroom apartment homes with modern amenities. This gated community features open floor plans, high ceilings, and large windows for ample natural light. Community amenities include a pool, fitness center, clubhouse, playground, and dog park.

Investment Overview

 

The business plan established for Ridge at Hamilton Crossing included improved operations from our in-house hands-on property management team at StoneRiver Property Management, an increase of ancillary income, upgraded amenities to further expand the luxury resident experience, and minor unit improvements to freshen and maintain high-end finishes. Due to the property’s attractive basis, its strong submarket, and our experience and expertise in the Knoxville market the property resulted in a successful first investment for Fund II.
Location
Maryville, Tennessee
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Core-Plus
Year Built
2015 & 2018
# of Units
353
Date Acquired
April 2021
Date Sold
July 2023

Investment Rationale

Attractive Basis – Ridge at Hamilton Crossing’s purchase price was significantly below nearby properties being sold in the market.

 

Improvement Management – SRPM demonstrated prior success in the Knoxville market, including the recent development, lease-up, and disposition of Village at Westland Cove.  StoneRiver Property Management increased rents and ancillary revenue and re-energized the community through resident events.

 

Quality Location – Ridge at Hamilton Crossing is a Class A community located in the underserved and expanding Maryville submarket.
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