KNOXVILLE, TN – Muinzer, a privately held real estate investment firm founded by Marc Muinzer and T2 Capital Management, announced the acquisition of The Heights of Knoxville, near the University of Tennessee. The 636-bed student residence is 100% leased and is underpinned by 31 hectares of land. The transaction was assisted by Scott Clifton from JLL.
The purchase, which is cheaper at replacement value, marks the further nationwide expansion of the Muinz 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 type of asset we are looking to acquire. It maintains a strong sense of community and offers opportunities for sustainable improvement over time. I am excited about the short and long-term prospects for this property," said Marc Muinzer, Founder and CEO, Muinzer.
Muinzer also announced a $ 325 million dormitory acquisition initiative. "As one of the fastest growing student housing investment firms in the country, we are seeking acquisitions near fast-growing universities in the Big 10 and the SEC," added Mr. Muinzer. "Our team's 20 years of experience in various economic cycles has been the backbone of our success. We intend to use this experience to further expand our team and our portfolio."
Source: Münzer / T2 Capital Management