Proven Value-Add: 14 out of the 96 units have been renovated. These units are asking a $175 premium over unrenovated units and still have room to grow as comps in the area rent for over $400 per unit higher. New ownership will have the opportunity to finish the renovation to current levels or further renovate all units.
Room to Grow Rents: Nearby properties are renting for over $400+ per unit higher than The Vue at Ridge Way. Submarket rents are anticipated to grow by 14.1% in 2022 and 5.3% in 2023 and have averaged an annual gain of 16.6% in the past year, according to CoStar.
Large Floor Plans: The VUE at Ridge Way has an average floor plan size of 1,103 SF, significantly larger than any of the surrounding comps. 100% of the property features 2 or 3 bed units.
New Roofs on all Buildings: Current ownership replaced the roof on every building in 2021.
Massive Healthcare Sector: Led by major healthcare brands, Knoxville offers a robust healthcare sector to area residents:
Nearby Oak Ridge Provides $5.6 Billion in Economic Impact: Oak Ridge is home to the Oak Ridge National Laboratory and the Department of Energy, which combine for over 12,000 jobs. The ORNL is currently undergoing a $6.5 billion construction project, one of the largest in Tennessee’s history. The project will bring more than 2,000 construction workers to the site and is expected to be completed by 2025.
Central Location to Major Knoxville Employers: Over 340,000 jobs are within a 30 minute drive of The Vue at Ridge Way. Tenants have quick access to the major employment nodes in Knoxville, including Downtown Knoxville, Oak Ridge, Turkey Creek, and Maryville.
Knoxville is a Standout: Knoxville occupancy rate of 98.6% ranks #2 among 66 markets in the South and #7 among the top 150 metro areas in the US for total occupancy rate according to KAAR.
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as The VUE at Ridge Way (“Property”) located in Knoxville, Tennessee. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
In connection with your interest in a potential, negotiated acquisition of those certain properties listed in Exhibit A hereto (individually or collectively as the context may require, the “Property”) from [Seller] (individually or collectively as the context may require, the “Company”), you have requested certain information concerning the Property from the Company and its affiliates and its and their respective directors, officers, members, partners, employees, representatives, agents and/or advisors (including without limitation, attorneys, accountants, consultants and financial advisors) (individually or collectively as the context may require, the “Company’s Representatives”). In consideration of furnishing you with the Evaluation Material (as defined herein), the Company requests your agreement to the following: