3999 Highland Crest Way, Knoxville, TN 37920

The Opportunity

  • Quarry Tail is strategically located less than two minutes from the University of Tennessee Medical Center and three minutes from Sorority Village. Students that frequent both locations are a strong and continuous draw for Quarry Trail. Quarry Trail historically operates near 100% occupancy and is 99.4% occupied for the 2018/2019 academic year with 12-month leases and parental guarantees.
  • Quarry Trail provides an investor a very clear path to significant revenue growth. Currently, the three-bedroom units rent for $60 per bed per month below the market average and the four-bedroom units rent for $73 per bed per month below the market average. The current ownership has tested a $4,500 per unit renovation program that includes stainless steel appliances, upgraded lighting and plumbing fixtures, resurfaced countertops, and luxury vinyl plank flooring in the common living area and bathrooms. These upgrades have generated rent increases that provide a 26% return on invested capital.
  • The University of Tennessee Knoxville enrolled 28,321 students in the Fall of 2017, with 22,317 undergraduates and 6,004 seeking graduate or professional degrees. Enrollment grew 1.1% last year and 4.4% over the last five years. Freshman enrollment was 4,895 and freshman are required to live in on-campus housing.
  • The university can only accommodate 7,500 students in on-campus housing. This leaves 20,821 students or 74% of the enrollment population requiring off-campus housing options. The market was 96% occupied for the 17/18 academic year and is currently 95% occupied for 18/19. There were 1,034 beds added to the off-campus market for the 18/19 AY which explains the slight uptick in vacancy. There are no other off-campus deliveries currently in the pipeline for 19/20, 20/21, or 21/22.
  • Similar to Texas and Florida, Tennessee does not have a personal income tax. The lack of a personal income tax has helped fuel population growth in Tennessee. The University of Tennessee Knoxville is the largest university in the state and the population growth will help fuel continued enrollment growth at the university.
  • Quarry Trail represents the opportunity to acquire a well-located student housing asset at a growing SEC university that has an impressive occupancy history and a clearly defined path for revenue enhancement and strong asset appreciation. With no additional development in the pipeline, Quarry Trail not only offers upside, but also provides security with limited downside exposure as enrollment continues to increase in an already high occupancy market.

The Property

Quarry Trail is a contemporary 252-unit. 840-bed, student housing apartment community located in Knoxville, Tennessee, consistently ranked among the top college towns in the south. Located just south of The University of Tennessee, Knoxville (UTK) campus, this Class A property was built in 2008 and is situated on a 33.445-acre site. Quarry Trail consists of 14, three-story apartment buildings and a one-story clubhouse with traditional wood framing, brick veneer, and vinyl siding exteriors and pitched, asphalt-shingled roofs.

The property incorporates an extensive unit mix comprised of 12 one-bedroom units spanning 583 square feet each, 12 two-bedroom units measuring 904 square feet each, 108 three-bedroom units ranging from 1,215 to 1,221 square feet each, and 120 four-bedroom units measuring 1,448 to 1,520 square feet each, with an average unit size of 1,296 square feet.

property amenities

UNIT Amenities

  • Fully Furnished
  • Fully-Equipped Kitchen with Dishwasher, Disposal, Microwave, and Ice Maker
  • 9-Foot Ceilings (Vaulted on 3rd Floor)
  • Panic Alarm Button in Each Bedroom
  • Private Entry Bedroom Lock 
  • Spacious Closets  
  •  Full-Size Washer and Dryer
  • Crown Molding
  • Berber Carpet
  • Patios (Select Units)
  • High-Speed Internet Included 
  • Cable with HBO Included 


  • Resort-Style Swimming Pool
  • Three Resort-Style Pools
  • Pool Deck with BBQ Grills, Lounge Chairs, and Tables with Umbrellas
  • Complimentary Shuttle Service
  • Clubhouse with Community Lounge, Great Room, and Kitchen
  • Billiards Table
  • Wireless Café with Complimentary Starbucks Coffee
  • 24-Hour Computer Lab with Complimentary Printing
  • Movie Theater with Gaming Capability
  • Fitness Center
  • Sand Volleyball Court
  • Planned Community Events  

market area


Investment Advisors

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