2222 Two Rivers Blvd, Sevierville, TN 37876

Smoky Mountain Flats is a new Class A apartment community currently under development in Sevierville, Tennessee, positioned in one of the fastest growing residential and tourism-driven markets in East Tennessee. The project consists of a planned 150-unit multifamily community with a balanced mix of 54 one-bedroom, 84 two-bedroom, and 12 three-bedroom units, designed to meet the growing housing demand in the Sevier County submarket.

Development is already underway, with the first 30 units delivered and nearly fully pre-leased at approximately $2,000 per month (~$1.65/SF). Notably, these rents are being achieved while the property is still an active construction site and before amenities have been completed—an encouraging demand signal for the project’s future lease-up. Stabilized new construction multifamily in the area is currently achieving rents closer to $1.90/SF, indicating additional upside as the property reaches full completion.

The remaining 120 units can be delivered over the next 12–24 months, allowing a buyer the flexibility to control the pace of development and lease-up depending on their preferred strategy. Ownership is open to multiple deal structures, including a forward purchase or potential partnership to complete the remaining phases, creating optionality for investors seeking either stabilized yield or development participation.

Units feature true Class A finishes, including brick and Hardie exterior construction, solid surface countertops, tile shower surrounds, luxury vinyl plank flooring in living areas, and carpet in bedrooms. Planned community amenities include a resort-style pool, pavilion, dog park, and kayak launch, designed to align with the lifestyle preferences of renters drawn to the Smoky Mountains region.

The property sits adjacent to Smoky Mountain Knife Works and near the planned $500M+ sports and entertainment complex along the Parkway, a transformative mixed-use development expected to bring significant new visitation, employment, and housing demand to the immediate area. The project is also positioned near the Gateway to Adventure development and the entrance to the Great Smoky Mountains National Park, the most visited national park in the United States.

With strong early leasing momentum, limited competing multifamily supply, and significant surrounding investment in tourism and recreation infrastructure, Smoky Mountain Flats represents a rare opportunity to acquire a new Class A multifamily community at an attractive basis in a rapidly expanding submarket.