Magma Equities Acquires 146-Unit Greentree Homes Garden-Style Apartment Community for $15.425 Million in Knoxville, Tennessee

WESTLAKE VILLAGE, CA - Multifamily investment firm Magma Equities (“Magma”) in partnership with Viking Partners has added to its Tennessee portfolio with the acquisition of Greentree Homes Apartments, a 146-unit garden-style community in Knoxville for $15.425 million.    

The property, which will be rebranded as The Abigail, benefits from a prime location at 4831 E. Summit Circle in West Knoxville, one of Knoxville’s most affluent neighborhoods.  Located within five miles of Downtown Knoxville and the University of Tennessee, the neighborhood’s elementary, middle and high schools are among the most highly rated in Knox County.    

Despite the numerous demand drivers, the eight-acre wooded property has suffered from a lack of institutional-quality ownership and has largely remained unimproved since being constructed in 1974.  This has impacted both rent growth and occupancy, which was 88 percent at closing, according to Magma Equities Founder and Managing partner Ryan Hall.

“We will immediately address deferred maintenance issues as well as bring on Elmington Property Management, which manages all of our properties in Tennessee, to improve property-level operations,” said Hall, whose Los Angeles-based investment firm owns more than 700 units in Tennessee.  “We will then embark on a thoughtful renovation program in the Fall.”

When completed, Hall believes The Abigail will be well positioned as a high quality, yet more affordable alternative to the higher-priced rental product in the West Knoxville submarket.
Dennis Harris of The Kirkland Companies represented both parties to the transaction.

About Magma Equities: Manhattan Beach, CA-based Magma Equities is a diversified real estate organization focused on re-positioning Class A & B apartment communities throughout the country. We strive to maximize returns for investors while providing our residents with homes that are environmentally friendly, efficient, and state-of-the-art. Investment decisions are based on our successful experience in the past, and more importantly, our vision for the future. 

About Viking Partners: Viking Partners is a private equity real estate investment firm focused on the acquisition, turnaround, and disposition of value-add real estate throughout the country. Since its founding in 2008, Viking Partners has completed more than 70 property acquisitions valued at over $925 million on all asset types including office, multifamily, retail, and industrial/flex. Headquartered in Cincinnati, Viking Partners is currently seeking acquisition opportunities for value-add and stabilized properties with a transaction range of $10 million to $60+ million.

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