Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Ridge at Hamilton Crossing, a 353-unit apartment community located in Maryville, Tennessee.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller who was affiliated with Tynes Development Corporation, in the transaction. StoneRiver, an investment company that has invested more than $1 billion in assets across the Southeast, acquired the property. This is StoneRiver’s first acquisition in Fund II and StoneRiver Property Management will be responsible for management.
“StoneRiver is familiar with the Knoxville market, having sold The Village at Westland Cove in late 2020,” said Joseph Welden, President of StoneRiver. “We are excited to be back in this market and look forward to another successful investment.”
Constructed in 2015 and 2018, The Ridge at Hamilton Crossing is situated in a premier submarket that features upscale retail, highly ranked schools and jobs centers. Amenities include a car care center, cyber café, designer clubhouse with gourmet kitchen, EV charging stations, sundeck, fire pit area, fitness center, park bark, swimming pool, resident lounge and outdoor grilling stations.
“The Ridge at Hamilton Crossing came to market after a successful Phase II lease-up campaign,” Adams said. “The asset is well-positioned in the submarket and poised to capitalize on the area’s growth and conventional multifamily demand.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.