Northmarq’s Nashville office brokers $1.18 million sale of four-property Kingston Portfolio

NASHVILLE (Aug. 31, 2023) — Northmarq’s Nashville Multifamily Investment Sales team of Ben Crawford and Brenden Bercaw, both associates, arranged the $1.18 million sale of a four-building multifamily portfolio in Kingston, Tennessee. Just minutes from West Knoxville, the property features 33 units and one retail shop located at 162, 215 and 207 East Race St. and 128 South 3rd St. Northmarq represented the seller, ARD Investments, LLC, a private investor based in Indianapolis. 

“Knoxville continues to be a preferred market for out-of-state investors due to its rising rental rates and high occupancy levels, driven by the looming housing shortage in the area and across East Tennessee,” said Crawford. “This acquisition complements the buyer’s existing portfolio.”

Kingston Portfolio offers a great investment opportunity located near one of the nation’s strongest multifamily markets. Knoxville recorded a strong apartment occupancy of 97.3% in Q4 of 2022. The four-property portfolio features 12,200 sq. ft. of rentable space and an average rent of $597. Residents of the Kingston properties enjoy a convenient location just off Interstate 40, with quick access to Knoxville, Oak Ridge, Farragut and Lenoir City.