Private buyer NPP Oak Ridge LLC has purchased Bristol Park at Oak Ridge, a 208-unit, Class-A multifamily property near Knoxville, Tenn. for $18.3 million. The seller was Bristol Development Group.
The selling price averaged slightly less than $88,000 per unit. Scott Tyrone, vice president of multifamily investments in brokerage firm Cassidy Turley’s Nashville office, represented both parties in the transaction.
Located at 790 Emory Valley Drive in Oak Ridge, Tenn. — about 25 miles west of Knoxville — Bristol Park at Oak Ridge was built by Nashville-based Bristol Development in 2007. The community sits on 11.08 acres and features 84 one-bedroom and 108 two-bedroom units, along with 16 three-bedroom units.
Nearly 100% occupied, the development’s average rent is $862 per month, or approximately 94 cents per sq. ft.
Florida-based NPP Oak Ridge also owns Cumberland Ridge, a 252-unit multifamily complex in Clarksville, Tenn.
Bristol Development specializes in building, marketing and developing multifamily communities across the Sunbelt.