DLP Capital, a private real estate investment and financial services firm, announced that it has partnered with Compass Ventures, a real estate development firm, to build a new $49-million multifamily complex in Sevierville, a city in east Tennessee. The 224-unit complex, Villas at Sevierville, will be an important addition to the region, situated at the main intersection that provides a passageway to Dollywood theme park, which attracts approximately 3 million visitors annually to its theme park rides, theaters, and restaurants. While Dollywood is the most visited attraction in Tennessee, the Sevierville area benefits from a diverse economy that includes hospitality, retail, construction, and healthcare. Villas at Sevierville will add much-needed modern, affordable rental units to the local housing market, which is otherwise characterized by older, smaller apartment complexes. DLP Capital closed on the transaction in only two-weeks’ time.
“Villas at Sevierville is a unique opportunity to add quality, affordable multifamily units to a particularly vibrant corridor of Tennessee,” said Don Wenner, founder and CEO of DLP Capital. “At DLP Capital, we look to make an impact on housing affordability, and we’re especially drawn to dynamic, suburban markets that might be off the radar for other investors. Given the attractive location of this complex, and a quality sponsor, we were able to move very quickly in closing the transaction.”
Added Austin Williams, CEO of Sevierville-based Compass Ventures, “Villas at Sevierville will serve more than 200 families in East Tennessee, providing modern apartment living within budgetary reach. This complex is yet one more step by Compass Ventures in revitalizing the greater Sevierville area as we look forward to a bright future of prosperity for the region.” Williams, who serves on the Board of Directors of the Sevierville Chamber of Commerce, previously was involved in renovating 200+ residential units, developing area self-storage facilities, RV parks, restaurants, and vacation accommodations, in addition to multifamily development.
Villas at Sevierville will be situated on 18 acres at the intersection of Veteran Boulevard and Center View Road in Sevierville. A central focus of the complex will be a 5,800-square-foot clubhouse, around which will be eight three- to four-story residential buildings. Each will host 28 apartments, two to three bedrooms in size, the latter a spacious 1,300 square feet. The property will feature a pond to the rear of the development. Delivery of units for lease-up is expected to begin in 2024.
In addition to the complex’s proximity to Dollywood, Villas at Sevierville is at the foothills of Great Smoky Mountains National Park, which is the most visited national park in the US, with hundreds of miles of trails including 70 miles of the Appalachian Trail. Also nearby is a NASCAR Speedpark; a vast cave complex, Forbidden Caverns; and vintage aircraft at the Tennessee Museum of Aviation; among other area attractions. Sevierville is located 40 minutes southeast of Knoxville, Tennessee.
Compass Ventures is a member of DLP Capital’s “Elite Impact Housing Membership” program that provides blueprints to help operators build exponentially stronger businesses. Through this elite business model, DLP Capital shares its formula for success with its partners/borrowers for collaborative growth.
About DLP Capital
DLP Capital, headquartered in St. Augustine, Florida, is a private real estate investment and financial services company focused on making an IMPACT on four major crises in America: Affordable Housing, Jobs, Legacy and Happiness. The company achieves this through acquiring, developing, and building relationships, housing, leaders, and organizations. With more than $3 billion of assets under management, DLP Capital has been on the Inc. 5000 list of “Fastest Growing Private Companies in America” for 10 consecutive years. The firm has an expansive array of business divisions and companies including real estate investment funds, commercial real estate lending, construction management, development, sales, leasing, title services, and loan servicing. Through the proprietary Elite Execution System, as well as its exclusive membership platforms focused on business scaling, investment housing, family, and wealth, DLP Capital impacts lives by empowering its clients to choose, create, grow and preserve prosperity. For more information, follow us on @DLPCapital or visit DLPCapital.com.