Even if you don’t play the numbers, it’s hard not to daydream when the Powerball jackpot starts climbing. Drive past an interstate billboard touting a $250 million prize, and one’s mind has a way of drifting off to that private island in Fiji.
The lotto may be a pipe dream, but some big numbers have more real-world relevance than others. A case in point came last month, when a package deal for several Knoxville apartment complexes was finalized.
According to deeds filed with the county, a Nashville entity was the buyer and the transaction was valued at more than $75 million. Four of the five properties were located in West Knoxville, with the largest being the Woodlands West Apartments, in a deal valued at $34 million.
So what’s the broader story behind the transaction? On a macro level, it’s the ongoing interest in Knoxville-area commercial properties from investors outside the region, an interest that has paid dividends in the apartment sector.