KNOXVILLE, Tenn. (WATE) — A California-based real estate firm has bought a Knoxville apartment complex for millions.
Passco Companies, LLC purchased One Riverwalk Apartment complex for $124,070,625. The complex contains over 300 units. It’s situated along the Tennessee River and offers views of the water, as well as Neyland Stadium and close access to downtown Knoxville.
The acquisition of One Riverwalk adds to the company’s portfolio which spans across 15 states. According to their website, Passco Companies owns Trustwell Living of West Knoxville and Tapestry of Turkey Creek in Knoxville, along with two additional complexes in West Tennessee.
According to the Knox County Register of Deeds, this sale marks the largest real estate transaction in the last 90 days. The only other sale that comes close is Altar’d state’s parent company’s purchase of a part of the former Knoxville Discovery Campus for $27 million.
The sale also comes as Knoxville is experiencing significant growth and development. Several major projects are underway, including the stadium complex in the Old City and the $30-million Lone Tree Pass project.