Student housing drives the market

We began the month of September with a long weekend, enjoying a day off on Monday. Despite the shortened week, we still recorded a total of 1,070 documents, including 237 Trust Deeds (loans) and 165 Warranty Deeds (sales).

Nick McBride

The combined value of the loans was $81.45 million and included five loans over $1 million. The highest loan was funded by Berkeley Point Capital LLC for $14.76 million. The second highest loan was $3.75 million backed by Midcap Financial Trust. Pinnacle Bank loaned $1.4 million, Renasant Bank $1.16 million and Mortgage Investors Group backed $1.13 million.

The 165 property sales had a total value of $91.27 million. Six of 10 properties with price tags over $1 million were commercial properties. The highest price of the week, $22.7 million, included four student housing apartment buildings on Forest Ave. FPA6 Grand Forest LLC purchased those properties in 2019 for $12.9 million and last week sold them to EEA-Highland Terrace LLC for $22.7 million.

The former CVS building at 4406 Western Ave was sold by Shrem Vineyards Inc. to Club Car Wash Knoxville Western LLC for $3.75 million.

Third on the list was 6504 Deane Hill Drive. UYB Ltd. sold the building to DD Development Ventures Corp for $1.7 million.

Also sold was a condo in the Cross Park Plaza development. Cross Park Realty Partners LLC sold the condo to Youth Villages Inc. for $1.37 million.

The last two million-dollar sales were on Magnolia Avenue in East Knoxville. HI Res Properties Inc. sold 1414 E. Magnolia Ave to Master OZ Willow LLC for $1.2 million. The KFC restaurant, located at 2546 Magnolia, was sold by TFI LLC to Magnolia 2546 LLC for $1.15 million.

The three-year comparison chart has been updated as of September 8, 2023.

Recently, I was invited to speak at a Homeowner Association meeting to discuss the free Property Fraud Alert program that is available to property owners in Knox County and the city of Knoxville. It’s great to know that people are utilizing this service! If your HOA would like a speaker for your next meeting, give my office a call, 865-215-2330. Visit our new website to learn more about the free Property Fraud Alert program, real estate transfers, and a number of other useful resources on our revamped website: https://rod.knoxcounty.org/ .

Have a great weekend and GO VOLS!        – Nick

Nick McBride is register of deeds for Knox County.