Knoxville Issues $45.3M Revenue Bonds for Apartment Complex Purchase

The Industrial Development Board of Knoxville plans to sell $45.3 million of revenue bonds to finance the purchase of a 199-unit apartment complex known as Maplehurst Park Apartments. The bonds will bear interest at a fixed rate and mature on Nov. 1, 2030. The complex is primarily marketed and rented to graduate students of the University of Tennessee, with current occupancy at about 97%. Truist is listed as the lead manager of the offering.

The Industrial Development Board of Knoxville plans to issue $45.3 million in revenue bonds to finance the acquisition of the 199-unit Maplehurst Park Apartments. The bonds, which will bear a fixed interest rate, are set to mature on November 1, 2030. The complex is primarily marketed to graduate students of the University of Tennessee, with a current occupancy rate of approximately 97%. Truist Financial Corporation is listed as the lead manager for this offering.

The bonds will likely be attractive to investors seeking stable, long-term returns. The high occupancy rate of the apartment complex indicates strong demand, which can be a positive factor for the revenue bonds' performance. Additionally, the fixed interest rate provides predictability in the bond's cash flows.

This bond issuance is part of Knoxville's ongoing efforts to develop and maintain housing options for its residents, particularly those in higher education. The city's decision to finance the purchase through revenue bonds aligns with its strategy to leverage public-private partnerships for infrastructure projects.

For more information on Truist Financial's role as the lead manager, see the recent filing 79,088 Shares in Truist Financial Corporation $TFC Purchased by SCS Capital Management LLC^[1] and the company's profile .