Knox Ridge (University of Tennessee)

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Knox Ridge (the "Property"), an 86 unit, 371 bed student housing community located at the University of Tennessee, Knoxville ("UT Knoxville," "UTK," or the "University"). The Property is 99% occupied for the 2024-2025 academic year, its fifth consecutive year of 99%+ occupancy. With pre-leasing surpassing 91% as of April 2025, the asset is on it’s way towards it’s sixth straight 99%+ lease-up. Knox Ridge’s success is driven by it’s unique townhome floor-plans, the only of it’s kind in the market, offering students the most desirable value-proposition in Knoxville in terms of affordability and function. Of properties built in 2016 or later, Knox Ridge offers the third lowest rents per square foot in the entire SEC.

UT Knoxville is one of the fastest growing universities in the nation. The University has added over 9,200 students since 2019, and is expected to add an additional 7,300 through 2030. Demand for student beds is growing much faster than beds are delivering, which has resulted in a 7-year average occupancy of 98%, including 3 consecutive years of 100% occupancy from 2021- 2023. The University is well prepared for continued growth, with $1.6 billion in active infrastructure development and an operating budget of nearly $2.5 billion annually.

Occupancy at Knox Ridge and its local submarket is uncorrelated with new development. From 2018-2021, as the Knoxville market added 2,756 beds, submarket occupancy increased from 97% to 100%, outpacing the wider market each year up to 2021. In 2024, as 1,400 beds delivered, average occupancy remained at 100% and continued to outperform the UTK market. Knox Ridge and its competitors have proven there is significant demand for value relative to rents charged by new supply.