PHILADELPHIA, PA — GREA’s National Student Housing Group this week announced 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.