CBRE arranges sale of 139-unit student housing community near UT
Published June 3, 2023; 11:28 p.m.

303 Flats; CBRE

KNOXVILLE -- CBRE has sold 303 Flats, a 433-bed, 139-unit student housing community near the University of Tennessee, Knoxville, to Seattle-based Horizon Realty Advisors.

CBRE’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer with the National Student Housing team represented the seller in partnership with Brett Carr from CBRE’s Nashville office.

“The University of Tennessee’s full-time undergraduate population grew more than 23% over the last five years,” said Mr. Vonderfecht, Senior Vice President at CBRE. “This top performing student housing market is already 100% preleased for the 2023-2024 academic year and was one of the fastest leasing assets in the market, surpassing 95% preleased by mid-October 2022.”

303 Flats is located at 303 W. Blount Ave. in Knoxville and was built in 2018. The property is south of the UTK Campus, along the Tennessee River, offering residents quick access to Neyland Stadium and downtown Knoxville.

All units are fully furnished and feature stainless steel Whirlpool appliances, gourmet kitchens, a full-size washer and dryer, walk-in closets and 100 percent bed-bath parity. The community offers a full set of amenities, including a resort-style pool, a fitness center with a yoga and stretching studio, individual and group study lounges, a game lounge, bicycle storage and a dog park with a pet wash station.

A pedestrian-bicycle bridge across the Tennessee River is slated to begin construction and will further increase cyclist and pedestrian mobility between both sides of the river. The bridge, just two blocks from 303 Flats, would connect Clancy Avenue on the south side to the pedestrian trail on the north located between the Thompson-Boling Arena and Pratt Pavilion.

303 Flats is the second student housing asset at the University of Tennessee CBRE’s National Student Housing team closed over the last 30 days. CBRE brokered the sale of TENN, a 603-bed student housing community adjacent to the University of Tennessee, which closed fourteen days prior.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.