PPR Capital Management (PPR), a Pennsylvania-based private equity real estate investment firm, has acquired Highline at Knoxville, a newly constructed build-to-rent (BTR) community in Knoxville, Tennesee.
The $87 million acquisition encompasses both Phase I, consisting of 110 detached homes currently in lease-up, and Phase II, featuring 151 to-be-developed townhomes and detached homes. PPR partnered with Center Creek Capital Group on the acquisition. In addition to Christopher Cordes, the PPR project team includes Claude Roxborough, General Counsel, and Matt Carfaro, Investment Analyst.
The Highline at Knoxville represents PPR’s first build-to-rent investment and second property in Tennessee. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million (95% of equity) as the primary equity partner.
“This acquisition marks a pivotal moment in PPR’s strategic growth as we enter the build-to-rent sector, which aligns with our disciplined investment framework of balanced risk and sustainable returns,” said Steve Meyer, CEO of PPR Capital Management.
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