MZ Capital Partners Acquires Residences at Devanshire Single-Family Rental Home Community in West Knoxville Submarket

KNOXVILLE, TN – MZ Capital Partners, expanding its Knoxville Tennessee asset footprint, has announced the purchase of the Residences at Devanshire, an 87 single family home rental community.

MZ Capital Partners has acquired British Woods Apartments and Townhomes, a 10-acre full-amenity luxury community consisting of 17 two-story garden-style and Townhome buildings with a total of 130 units in the Knoxville, TN suburb of Oak Ridge. MZ plans to fully renovate British Woods Apartments and Townhomes over the next two years, including enhancements to common areas where they will add a new state of the art fitness center, a dog “bark park”, and outdoor recreational space.

Knoxville is one of the best rental real estate investment markets in the nation. Occupancy in the Knoxville market has ranged from 95% to 98% over the past five years. Over the last year, occupancy levels have exceeded 97%. The Knoxville occupancy rate ranked #1 among the 66 key South region markets and #9 among the top 150 markets nationally.

Located in the West Knoxville sub-market, the 87 Single Family Homes, built in 2006, feature 3 bedrooms and 2 full baths with back porches or patios, attached garage parking, and private back yards with mountain range views.

The acquisition provides a unique opportunity for increased cash flow and appreciation in value through more efficient institutional quality management and a value-add renovation and repositioning program.

MZ Capital Partners, headquartered in Northbrook, Illinois is a demographically driven real estate investment firm with a specialty niche in multifamily assets throughout the United States.