Multifamily community developer Capital Square has commenced construction on a Class A multifamily community, known as Livano Knoxville, in Tennessee, US.
The development is being carried out in partnership with LIV Development, a reputable multifamily developer with expertise in Class A communities across the US.
Livano Knoxville is situated along the Tennessee River, directly across from the Neyland football stadium.
The community will comprise approximately 348 units of one to three-bedroom apartments measuring 929 square feet, as well as studio apartments.
With a commitment to affordable housing, the partnership has allocated 10% of the units for workforce housing, catering to individuals with incomes up to 80% of the area's median family income.
Residents will benefit from proximity to major employers, including the US Department of Energy's Oak Ridge National Laboratory, Covenant Health, the University of Tennessee, as well as several other prominent organisations in the area.
In January, the partnership acquired a 5.9-acre lot and secured a construction loan agreement worth $70.4m with Truist Bank to facilitate the project.
Ardurra will provide civil engineering services for this project, with Niles Bolton Associates serving as the facility's architect.
Southern Building is serving as the general contractor, and Design South Interiors as the interior designer.
Funding for the development comes from Capital Square's CSRA Opportunity Zone Fund VIII, LLC, which aims to raise approximately $46.684m in equity from accredited investors.
Capital Square founder and co-CEO Louis Rogers said: "First in our home market of Richmond, Virginia, then Charleston, South Carolina; Raleigh, North Carolina; and, now, Knoxville, Tennessee, Capital Square is developing eight residential communities in leading southeastern markets. Driven by job production, low cost of living and a superior lifestyle, each of these markets are exceptional in their own, unique ways.”
Construction is estimated to be completed by early 2025.
