NORTHBROOK, IL - MZ Capital Partners, expanding its Knoxville Tennessee asset footprint, has announced the purchase of the Residences at Devanshire, an 87 single family home rental community.
Knoxville is one of the best rental real estate investment markets in the nation. Occupancy in the Knoxville market has ranged from 95% to 98% over the past five years. Over the last year, occupancy levels have exceeded 97%. The Knoxville occupancy rate ranked #1 among the 66 key South region markets and #9 among the top 150 markets nationally.
Located in the West Knoxville sub-market, the 87 Single Family Homes, built in 2006, feature 3 bedrooms and 2 full baths with back porches or patios, attached garage parking, and grass back yards with mountain range views.
The acquisition provides a unique opportunity for increased cash flow and appreciation in value through more efficient institutional quality management and a value-add renovation and repositioning program.
MZ Capital Partners, headquartered in Northbrook, Illinois is a demographically driven real estate investment firm with a specialty niche in multifamily assets throughout the United States. The firm has been recognized with placement on the INC 500 list of the fastest growing private companies in America and was named overall winner of “Best Places to Work” in the multifamily industry by the National Apartment Association.