Source: Militello Capital / #Student #Housing
KNOXVILLE, TN - A joint venture between Militello Capital, a greater Washington, DC private equity investment firm, and QR Capital, an Atlanta-based real estate investment firm, announces the acquisition of Quarry Trail Apartments, an 840-bed student housing community in Knoxville, Tennessee.
Quarry Trail was acquired for $42 million – the joint venture’s largest acquisition to date – with capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their high net worth clients. The property marks the eighth multi-family investment acquired by the Militello Capital-QR Capital joint venture.
Quarry Trail is a purpose-built student housing community constructed in 2008. The property consists of one, two, three, and four-bedroom units and is located minutes from the University of Tennessee at Knoxville. Amenities include three pools, a fitness center, theater room, business center with Mac computers, sand volleyball court, outdoor fire pit, billiard lounge, tanning beds and hourly bus service to campus.
“We are excited to expand our real estate portfolio with the acquisition of Quarry Trail,” said Matt Brady, Co-founder and Chief Operating Officer of Militello Capital. “The property is one of the nicest communities serving the students at University of Tennessee, and will benefit from both the growth of the University as well as our planed operational improvements. We look forward to maximizing Quarry Trail’s potential as we’ve done in the past with other properties and continue to provide what our RIA clients have come to expect from our real estate investments.”