{"id":397,"date":"2023-06-08T14:31:55","date_gmt":"2023-06-08T14:31:55","guid":{"rendered":"https:\/\/capitalsquare1.wpengine.com\/?post_type=expertise&#038;p=397"},"modified":"2023-08-28T20:29:59","modified_gmt":"2023-08-28T20:29:59","slug":"knoxville-an-emerging-city-on-the-rise","status":"publish","type":"expertise","link":"https:\/\/capitalsq.com\/expertise\/knoxville-an-emerging-city-on-the-rise\/","title":{"rendered":"Knoxville, an Emerging City on the Rise"},"content":{"rendered":"<p class=\"appear-on-scroll\">Over the last ten years, housing absorption has greatly outpaced supply in this growing Tennessee city. With Knoxville positioned as one of the top ten cities for net-migration in recent years \u2013 with dramatically more people moving in than moving out \u2013 the demand of this city tucked amid the Great Smoky Mountains is only increasing.<sup>1<\/sup><\/p>\n\n<p class=\"appear-on-scroll\">Tennessee has no state income tax, a cost of living (COL) 17.7% lower than the national average and goods and services (G&amp;S) 11.6% below the national average. Knoxville was ranked the #10 best city to buy a home in 2023, but over 30% of Knoxville residents are renters.<sup>2 <\/sup>These fundamentals contribute to a compelling risk-adjusted return profile from an investment perspective.&nbsp;<\/p>\n\n<p class=\"appear-on-scroll\"><strong>Multifamily rental communities, like Livano Knoxville in Capital Square\u2019s OZ VIII, are in demand.<\/strong><\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\">Discover Knoxville, Tennessee<\/span><\/h2>\n\n<ul  class=\"appear-on-scroll wp-block-list\" >\n<li>Corporate headquarters of Pilot Flying J, Covenant Health and Smith &amp; Wesson<\/li>\n\n\n\n<li>Home to <a href=\"https:\/\/www.ornl.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oak Ridge National Laboratory<\/a>, the largest multiprogram system in the DOE, and national defense manufacturer Y12&nbsp;<\/li>\n\n\n\n<li>14 million visitors annually to the <a href=\"https:\/\/www.nps.gov\/grsm\/index.htm\">Great Smoky Mountains<\/a>&nbsp;<\/li>\n\n\n\n<li>80+ public parks&nbsp;<\/li>\n\n\n\n<li>33,805 students enrolled at <a href=\"https:\/\/www.utk.edu\/\">UT Knoxville<\/a>, in addition to 1,700 academic and 9,500+ administrative staff<\/li>\n\n\n\n<li>Home of the <a href=\"https:\/\/www.wbhof.com\/\">Women\u2019s Basketball Hall of Fame<\/a><\/li>\n\n\n\n<li>Home of the <a href=\"https:\/\/www.milb.com\/tennessee\/\">Knoxville Smokies<\/a> (MiLB) whose new downtown stadium is projected to open in 2025<sup>4<\/sup><\/li>\n<\/ul>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\">Why Opportunity Zones make sense:<\/span><\/h2>\n\n<p class=\"appear-on-scroll\">With the passage of the Tax Cuts and Job Acts of 2017, each state and five U.S. territories were able to designate up to 25% of eligible census tracts as opportunity zones, resulting in nearly 9,000 active opportunity zones across the country. Designed to stimulate long-term private investments in low-income urban and rural communities nationwide, Opportunity Zones, like <a href=\"\/opportunity-zone-fund-viii-llc\">Capital Square\u2019s OZ8 in Knoxville<\/a>, connect private capital with economic growth \u2013 answering the multifamily rental demand across the United States.<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div  class=\"appear-on-scroll wp-block-button\" ><a class=\"wp-block-button__link wp-element-button\" href=\"\/real-estate-investment\/opportunity-zone-funds\/\"><span class=\"label\">Learn more about Qualified Opportunity Zone Funds<\/span><\/a><\/div><\/div>\n\n\n<p class=\"appear-on-scroll\"><sup>1<\/sup> \u201cKnoxville Market Update: Multifamily | Q4 2022,\u201d Newmark, 2023.<\/p>\n\n<p class=\"appear-on-scroll\"><sup>2<\/sup> ibid.<\/p>\n\n<p class=\"appear-on-scroll\"><sup>3<\/sup> \u201cThe University of Tennessee-Knoxville Factbook,\u201d accessed March 21, 2023, <a href=\"https:\/\/irsa.utk.edu\/reporting\/fact-book\">https:\/\/irsa.utk.edu\/reporting\/fact-book<\/a><\/p>\n\n<p class=\"appear-on-scroll\"><sup>4<\/sup> \u201cKnoxville Market Update: Multifamily | Q4 2022,\u201d Newmark, 2023.<\/p>","protected":false},"excerpt":{"rendered":"<p>Over the last ten years, housing absorption has greatly outpaced supply in this growing Tennessee city. With Knoxville positioned as one of the top ten cities for net-migration in recent &hellip;<\/p>\n","protected":false},"author":[40],"featured_media":3096,"template":"","meta":{"featured_image_background_position":"","promoted":false,"priority":"","footnotes":""},"categories":[26],"tags":[33,37,30],"content-type":[39],"investment":[],"class_list":["post-397","expertise","type-expertise","status-publish","has-post-thumbnail","hentry","category-city-spotlight","tag-development","tag-investor-education","tag-multifamily","content-type-article","author-capital-square-team"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Knoxville, an Emerging City on the Rise - Capital Square - Raising capital, buildings and expectations<\/title>\n<meta name=\"description\" content=\"With Knoxville positioned as one of the top ten cities for net-migration in recent years, the demand of this Southern city is only increasing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/capitalsq.com\/expertise\/knoxville-an-emerging-city-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knoxville, an Emerging City on the Rise - 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