Texas-based investment group acquires Knoxville multifamily assets
JLL secures acquisition financing for The Canyon and Knox Landing
KNOXVILLE, TN, September 4, 2019 – JLL Capital Markets experts successfully secured the acquisition financing for neighboring Knoxville, Tennessee apartment communities, the commercial real estate firm announced today. The Canyon, located at 600 East Inskip Drive, and Knox Landing, located at 634 East Inskip Drive, were acquired by Texas-based GVA Real Estate Group. Freddie Mac provided the loan.
JLL Capital Markets Managing Director Mark Brandenburg secured the financing on behalf of the investment group.
“The Canyon and Knox Landing offer positive immediate and long-term returns for GVA Real Estate Group,” said Brandenburg. “Steady job gains and projected income growth for the region are driving investor interest in value-add multifamily product across the area.”
The acquisition totals 193 apartment units across 16 buildings between the two multifamily properties.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com