Passco, Greystone Purchase One Riverwalk Apartments in Knoxville for $120.7M

by John Nelson

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale.

The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining.

One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.

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