Source: Muinzer / T2 Capital Management
KNOXVILLE, TN - Muinzer, a privately held real estate investment firm founded by Marc Muinzer, together with T2 Capital Management, announced the acquisition of The Heights of Knoxville near the University of Tennessee. The 636-bed student housing community is 100% leased and underpinned by 31 acres of land. The transaction was facilitated by Scott Clifton of JLL.
The purchase, which was acquired at a discount to replacement cost, marks the continued nationwide expansion of the Muinzer student-housing platform. The Heights of Knoxville is Muinzer's first acquisition in the University of Tennessee market.
"The Heights of Knoxville is exactly the kind of asset we are looking to acquire. It maintains a strong sense of community and has opportunities for sustained improvements over time. I am delighted with the near and long-term prospects for this property," said Marc Muinzer, Founder and CEO, Muinzer.
Muinzer also announced a $325 million student-housing acquisition initiative. "As one of the fastest growing student housing investment firms in the nation, we are seeking acquisitions near rapidly expanding universities in the Big 10 and SEC," added Mr. Muinzer. "Our team's 20-year track of executing across various economic cycles has been the backbone of our success. We intend to leverage this experience as we continue to expand our team and our portfolio."