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
The selling price averaged slightly less than $88,000 per unit. Scott Tyrone, vice president of multifamily investments in
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.