1763 Strawberry Mdws Wy, Knoxville, TN 37914
Closing: July 30, 2026
Sale Price: $24,400,000
Unit Count: 85 Townhomes
Three years ago, this transaction began in a McDonald’s in Knoxville. Cohl Morgan and Kevin Tipton sat down with their client over coffee to review building plans, discuss pro forma rents, and evaluate whether this vision could become a reality.
At the time, the project was ahead of its time for this submarket. These would be the first true Class A townhomes in the area, and the projected rental rates were well above anything the market had previously achieved. Many lenders were skeptical, but our client believed in the project, and so did we.
The seller, who also served as the general contractor, relocated from out west to Tennessee with a dream of raising his family and growing his business in a state known for its family-oriented culture and business-friendly environment. After settling in Knoxville, they started building.
What makes this story even more remarkable is how hands-on the family was throughout the process. The seller, his wife, and their children lived on-site during construction and personally helped build the community. They even demolished their own home to make room for additional townhome units.
Fast forward three years, and the results exceeded everyone’s expectations. The property significantly outperformed its original pro forma. Rental rates surpassed projections, and units were leased almost immediately upon delivery.
This spring, Cohl and Kevin brought the property to market through a competitive sales process. Within just three weeks, they secured a well-qualified 1031 exchange buyer and placed the property under contract for $24,400,000 with a nonrefundable deposit, headed full steam toward closing.
We’re incredibly happy for our seller, whose leap of faith in Knoxville and this development paid off in a tremendous way. Congratulations as well to the buyer on acquiring a great asset.