Crescent Ebenezer plans more West Knoxville units
A booming real estate market contributes to a hot rental market, too.
Ebenezer Crescent, the 246-unit apartment complex at the intersection of Westland and Ebenezer in West Knoxville, has completed all nine buildings and plans to inaugurate a 78-unit expansion this fall.
It also adds to the shopping landscape with Crescent Shops, a 12,900 square foot mall facing the property.
There is a great demand for housing of all kinds, as large commercial projects and the quality of life have stimulated an influx of new residents from out of state.
Residential building permits are up 18.5% from 2016 to 2020, according to Knoxville-Knox County Planning’s 2020 Annual Development Report.
In 2020, 1,483 collective housing units were built in the city and county, according to the annual report: 420 in Southwest County, 392 in Northwest County and 384 in the downtown area.
In 2019, 1,926 collective dwellings were built, 538 in Southwest County and 349 in the city’s south. In 2018, they were 859.
‘Best location’ and almost fully occupied
Crescent in Ebenezer is 75% occupied and about 90% leased, according to Paul Murphy, president and CEO of Crescent Bend Development. Murphy has developed around 30 apartment complexes, including The Villas on Wallace Road and The Preserve in Hardin Valley.
It got approval from the Knoxville-Knox County Planning Commission for the project in July 2019, followed by approval for the business development that faces Ebenezer.
It’s the best location he’s had for a multi-family development, Murphy said, and the projects will be fully leased this fall. It’s “much faster” than a typical lease for a new multi-family home, he said, driven by the housing market.
“A lot of people are moving from out of town to Knoxville, so we have at least 40% of them coming from out of town, which is a bit unusual compared to other leases. ”
He credited the upcoming Amazon delivery station on the former Knoxville Center Mall site as one of the drivers bringing the job relocators here. Three-bedroom units are in high demand, which Murphy attributed to more and more people wanting more space as remote work continues.
“I think it will be strong for the foreseeable future for sure,” Murphy said. “The Class A apartment communities are all pretty full, especially in West Knoxville.”
There is a lot of movement in the multi-family space. Major multi-family projects in 2020, according to Knox Planning, included Burlington Commons Apartments, a $ 5.4 million 50-unit complex on Holston Drive; the 160-unit, $ 29.5 million Flagship Kerns on Chapman Highway; and the $ 31.1 million, 298 housing units Icon on Carmichael Road.
Other projects in recent years have included Aspen Heights Knoxville, a $ 46.7 million student housing development on Cumberland Avenue; Flats at Pond Gap, a $ 15 million 105-unit complex on Hollywood Road; and Five Points, the $ 13 million 82-unit complex on Kenner Avenue.
Crescent Ebenezer offers one, two and three bedroom plans with stainless steel appliances, quartz countertops, hardwood floors and walk in closets. Units range from $ 1,083 to $ 2,016 per month.
The complex includes a pavilion with fireplace, a saltwater swimming pool and cabana, a café-bar, a beach volleyball court, an animal park and an indoor animal washing station.
The Crescent Shops will include five windows. Tailwater Properties leased tenants K Brew, pizza chain Donatos and a new local restaurant, Point B, scheduled to open later this year.
Point B, as reported by blanknews.com, is a project by Dan Goss, former managing partner of Downtown Grill & Brewery. This will be the first Donatos location in Knoxville.
Growth and Development Editor-in-Chief Brenna McDermott can be reached at [email protected] Follow his work on Twitter @_BrennaMcD. Support our local information efforts by become a Knox News subscriber.