Investment Highlights

Repositioned Asset Following Major Renovation: Current ownership spent roughly $2,750,000 between 2014 & 2016 renovating all 250 units, common areas, and amenities. Unit renovations included Appliances, Cabinets, Flooring, Granite, Hardware, Lighting, Mirrors, & Screening in of Patios. Other projects included Landscaping, Clubhouse, Fitness Center, Laundry Center, Breezeways, Asphalt, and Signage.

Expansive Amenities Package: The property offers its tenants a high-quality amenities package, including:
• Resort Inspired Pool with Grills and Cabanas
• Community Park with Walking Trail
• Resident Business Center
• Sport Court
• 24-Hour Fitness Center
• 24-Hour Laundry Center
• Beautiful Clubhouse
• Gourmet Coffee Bar

Additional Upside: New ownership will have the opportunity to enhance the property’s performance through a variety of different options, including:
• Loss-to-Lease Burnoff - Recent leases are currently renting for over $55 per unit more than in-place leases
• Complete Washer/Dryer Connections Installation - 36 units currently do not have W/D connections
• Washer/Dryer Rental Program - Machines could be rented to tenants at a monthly rate
• Additional Unit Upgrades - New ownership could add new patio doors to the units
• Amenity Upgrades - Willows has a Sport Court which could be converted to a more in-demand amenity
• Valet Trash / Recycling - The property currently has one trash compactor

Knoxville is a Top 5 Market for Rent Growth: According to Moody Analytics, Knoxville has been the 2nd best performing market nationally during the pandemic with 4.9% rent growth in the last year.

High-Quality School System: Tenants at Willows of West Hills will have access to one of Knoxville’s best school districts, including:
• West Hills Elementary (Test Scores: 6/10)
• Bearden Middle (Test Scores: 8/10)
• West High (Test Scores: 8/10)

Proximity to Knoxville’s Best Retail: Willows of West Hills is ideally positioned near Knoxville’s premier shopping centers, including:
• Whole Foods, Trader Joe’s, REI, Dick’s, Lowe’s, TJ Maxx, Aldi, Home Depot, Sam’s Club, & more
• West Town Mall: 1.3 million SF - Dillard’s, Belk, JCPenney, 150 stores
• Turkey Creek: 3 million SF - Walmart, Best Buy, Target, At Home, 215+ stores 
• Centre at Deane Hill: 389,000 SF - Kohl’s, Food City, Bed, Bath & Beyond

Central Location to Major Knoxville Employers: Over 340,000 jobs are within a 30 minute drive of Willows of West Hills. Tenants have quick access to the major employment nodes in Knoxville, including Downtown Knoxville, Oak Ridge, Turkey Creek, and Maryville.

Demand for Suburbs: Located in Knoxville’s premier suburb, Willows of West Hills is primed to benefit from the trend shifting toward lower density suburban areas. According to CoStar, “this imbalance between demand and supply by area designation is set to favor suburban apartments, as there are clear indications that some increase in remote working is here to stay.”