GREA’s National Student Housing Team Sells 299 Bed Student Community Near University of Tennessee – Knoxville for $22.7 Million

PHILADELPHIA, Sept. 25, 2023 (GLOBE NEWSWIRE) — GREA’s National Student Housing Group is pleased to announce the sale of 101 student housing apartment units totaling 299 beds within walking distance to the University of Tennessee, Knoxville. The firm represented the seller, FPA Multifamily, headquartered in San Francisco, CA.

The Knoxville market has experienced consistent student growth since 2015, reaching nearly 34,000 students at the beginning of the 2023 school year, with an impressive retention rate of approximately 90%.

Ken Wellar, founding partner at GREA, stated: “Our firm has been aggressively following growing student housing markets throughout the country. We are seeing more family office groups come into the student space given the fundamentals of student housing growth.”

In the current academic year, the University of Tennessee welcomes the Baker School of Public Policy and Public Affairs, the College of Music, and the College of Emerging and Collaborative Studies, along with 187 new full-time faculty members.

Steffan Ramos, an associate at GREA who worked on this transaction, stated: “The University of Tennessee’s reputation for academic excellence attracts both students and faculty members, enabling the university to accommodate a wider range of prospective students and adapt to emerging fields of study.”

For more information on current rates or to view our available listings visit

www.GREA.com

FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 148,000 apartment units valued at over $23 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VIII which will acquire approximately $4.6 billion of assets and its core-plus focused FPA Core Plus Fund V which will acquire approximately $1.9 billion of assets. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Houston, Irvine and Washington DC. For more information, please visit www.fpamf.com

GREA has been a leader in multifamily commercial real estate in Philadelphia and the surrounding markets since 2013. With our extensive local market knowledge, we pride ourselves in helping our clients from acquisition to disposition and through every major capital event.

Press Contact: Corey Lonberger and Ken Wellar
Founding Partners
215-454-2852

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b154c000-c92b-4cbf-b47b-471ee7cd3f92