February ends with $479.6M in loans, $362M in sales - Knox County Register of Deeds

February ended last Friday with 1,428 new documents added to the records. Trust deeds (loans) accounted for 298 of those with a combined value of $222.57 million. The week’s largest loan came in at $98.29 million. Not only is it also the largest of the month, but so far, the year as a whole. Invesco Commercial Real Estate Finance Investments GP funded the loan, which went hand-in-hand with the two largest purchases of the week.

There are five other loans for more than $1 million:

On the transfer side, 234 warranty deeds (property sales) were recorded. The combined $171.19 million in value was topped by 10 properties priced at over $1 million. Four of those were commercial transactions.

Two apartment complexes brought the most money on the list of million-dollar properties. The University Park Apartments in South Knoxville were the most expensive. This 192-unit complex on Lippencott Street was sold by University Park Partners LLC to Volunteers 301 Properties KP6 LLC for $46.14 million.

The other complex was also in South Knoxville, located at 1319 Knotty Pine Way, off Sevier Avenue. Vol Partners I LLC sold the 204-unit residential complex, The Heights of Knoxville, to Volunteers 1319 Properties KP6 LLC for $40.18 million.

Next on the list was 2735 N Central, home to Fanatic Brewing. Pensco Trust Company sold the property to Never Settle LLC for $2.04 million.

The Heights Knoxville

Fanatic Brewing at 2735 N Central

The last of the commercial properties was the Pure Magic Carwash at 11133 Kingston Pike in West Knoxville. Realty Income Property 26 LLC sold the property to Realty Income US Core Plus 3 LP for $1.78 million.

To recap February, a total of 4,850 documents were added to the records. Trust deeds accounted for 965 of those with a cumulative value of $479.6 million. Warranty deeds represented 693 property transfers recorded worth $361.84 million.

The trust deeds included the $98 million loan previously mentioned, along with 24 other loans exceeding $1 million each. Property sales were topped by the apartment complexes sold last week, accompanied by 37 other properties priced at $1 million or more.

The year-to-date comparison chart has been updated:

We have a great program to protect your property from fraud, and the best part is that it is FREE. The Property Fraud Alert Program will alert you via email if any documents are recorded in the names you have enrolled. It is easy and free to sign up: visit https://alertme.knoxrod.org, then follow the prompts.

Have a great weekend!        – Nick

Nick McBride is register of deeds for Knox County.