Northmarq facilitates sale of Opportunity Zone multifamily development tract in Knoxville MSA

Image rendering above for illustration purposes only.

LOUISVILLE, Tenn. — Northmarq’s Nashville Investment Sales team led by Adam Klenk, Jordan Arand, Austin Heithcock and Quentin Nichols successfully arranged the $4,742,500 sale of a +/- 270 unit Opportunity Zone multifamily development tract located at 1520 Topside Rd. in Louisville, Tennessee.

Northmarq represented the seller, a subsidiary of Winterpast Development. The buyer was Ardmore Residential.

"We’re thrilled to have facilitated the process that brought these two parties together,” Klenk said. “Knoxville’s resilient fundamentals along with high level sophistication from both parties allowed this to be a seamless transaction. We look forward to witnessing another highly successful development by Ardmore.”

Sitting on roughly 16 acres, the 1520 Topside Road development site offers a chance to build up to 270 high-quality multifamily units in the Knoxville area. Located 15 minutes from downtown Knoxville, the site benefits from proximity to major employment center, The University of Tennessee and over 446,000 jobs.

The development is a fully zoned site in an opportunity zone with walkable mixed-use potential. Likely outparcel users include retail, medical or strip centers featuring restaurants, fitness, nails, insurance, real estate or others.