A 348-unit Class A multifamily community dubbed Livano Knoxville has commenced construction in Knoxville, Tennessee. Recently, Capital Square broke ground on the residential project, situated within a qualified opportunity zone, at 451 W Blount Avenue. The multifamily developer has also formed a joint venture partnership with LIV Development to build the community.
The development partners acquired a 5.9-acre site for Livano Knoxville and secured a construction loan in January. Trust Bank provided the $70.4M loan that the developers needed to facilitate the project.
Capital Square’s 8th qualified opportunity zone fund, CSRA Opportunity Zone Fund VIII, is primarily funding the development of Livano Knoxville. Accredited investors are currently working on raising approximately $46.684 million in equity for the project. Thus far, Capital Square’s opportunity zone funds have initiated development projects worth nearly $600 million in value
According to Capital Square’s founder, Louis Rogers, his company is building eight residential communities in the leading southeastern markets. He stated that they started in Virginia, then moved to South Carolina and North Carolina. But currently, they have established their latest home market location in Tennessee.
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About the Livano Knoxville multifamily community
Livano Knoxville is at an ideal location that’s directly across from Neyland Stadium and the University of Tennessee’s football stadium. Additionally, residents will have access to major employers within the vicinity such as Oak Ridge National Laboratory, and Covenant Health. Other nearby employers include Tennessee Valley Authority, Knox County Schools, University Health System, Dollywood Company, Clayton Homes, DENSO Corporation, and Tennova.
The average size of Livano Knoxville’s apartment homes will be 929 square feet, featuring a mix of studio, one, two, and three bedrooms. However, the developers intend on allocating 10% of the development’s units to workforce housing. These will be set aside for residents earning up to 80% of the area’s annual median family income. Capital Square expects the project to reach completion by spring 2025.
