Passco Cos. Acquires 220-Unit Luxury Multifamily Community in Knoxville, TN

Tapestry at Turkey Creek, a 220-unit, best-in-class luxury apartment community at 810 Tapestry Way in Knoxville, TN

Knoxville, TN — Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Tapestry at Turkey Creek, a 220-unit, best-in-class luxury apartment community at 810 Tapestry Way in Knoxville, Tennessee.

Colin Gillis

The firm acquired Tapestry at Turkey Creek directly from the asset’s developer, Birmingham, Alabama-based Arlington Properties, for a total consideration of $40.4 million, according to Colin Gillis, Vice President of Acquisitions – East at Passco Companies.

“We were immediately drawn to the opportunity to acquire a stand-out asset in this market – presenting a quality unmatched by the overwhelming majority of existing multifamily product in Knoxville – from a national developer known for exceptional design and amenities packages,” explains Gillis.

“Driven by steady job growth and high absorption, multifamily demand is outpacing supply in the Knoxville area. With sustained low unemployment and a rising number of white-collar jobs, we anticipate the demand for high-quality multifamily assets like Tapestry at Turkey Creek to remain strong.”

David G. Ellis

David G. Ellis, Executive Vice President of Development for Arlington Properties, adds: “Tapestry at Turkey Creek has been an excellent performer in our portfolio since it was delivered into the market last year.

"These units leased up at a very swift pace, demonstrating the strength of the Knoxville multifamily market and the community’s fantastic location within the city.

"We look forward to continuing our involvement in the development as property manager for a great owner in Passco.”

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

emanville@brower-group.com