Quarry Trail
Knoxville, TN
Acquisition: January 2020
YOC: 2008
Units: 252
Beds: 840
Asset Type: Garden
Distance to Campus: 2.3 Miles
Strategy: Value-Add
Disposition: June 2022
Pre-Renovation
The anticipated enrollment growth at UT enabled the team to become comfortable acquiring and renovating a property more than two miles from campus. Unfortunately, pandemic-driven supply volatility hit just as the renovation plan was set in motion. This was amplified in the case of fitness equipment, which was also in extremely high demand at the same time.
Post-Renovation
After a summer of juggling vendors and countless trips to the project site, the first stage was completed in time for move-in. Market leading amenity offerings and unit renovations were very appealing to a student market that was now less concerned with proximity to campus and more weary of public spaces. The resulting revenue increases were even more dramatic than anticipated.
