Fireside Flats & Westmoreland Townhomes
26-Unit Multifamily Portfolio Located in Knoxville, TN
Marketing description
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/198947/fireside-flats-westmoreland-townhomes
Marcus & Millichap has been exclusively retained to market the Portland Multifamily Portfolio in Portland, TN. This offering provides investors with the rare opportunity to acquire a two-property value-add portfolio strategically positioned within the Nashville MSA.
This portfolio comprises 26 units across two well-located Portland, TN communities, both supported by the city’s strong industrial base and growing employment. 102 Fireside features a mix of one- and two-bed units, in-unit laundry connections in select units, an on-site laundry facility, individually metered utilities, and 16 renovated units out of 18. 123 Old Westmoreland adds 8 two-bedroom townhomes with in-unit laundry connections, central HVAC, utility bill-backs, and 3 renovated units. Portland’s economy is accelerating, driven by significant job-creating investments such as Shoals Technologies Group’s $80M expansion (~550 jobs) and Troax Group’s new facility (~120 jobs). This growth continues to support strong renter demand, reinforced by the city’s proximity to Nashville (40 miles) and Clarksville (~61 miles).
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Portland Multifamily Portfolio.e contacted regarding the sale of the Portland Multifamily Portfolio.
Investment highlights
Fireside Flats
18‑unit community built in 1994, offering a mix of 2 Bed / 2 Bath units and studio units, catering to a wide renter base.
Property situated on 1.38 acres, providing long‑term flexibility and stability.
Two‑bedroom buildings are constructed on a slab, while the studio building sits atop a crawlspace.
Washer/dryer connections in all 2‑bedroom units, enhancing tenant appeal and rentability.
On‑site laundry facility with new washers and dryers, generating additional income potential.
Individually metered electricity and water, with all utilities placed in tenant names, reducing owner expenses.
Central heat and air across the property, supporting operational efficiency and tenant demand.
16 of 18 units renovated, minimizing near‑term capex and increasing rent potential.
Located in Portland, TN, a pro‑business community with a diversified industrial base that includes automotive suppliers, distribution centers, hospital supply manufacturers, and steel fabrication operations.
Major expansion activity includes Shoals Technologies Group’s $80M investment and creation of ~550 new jobs in Portland, significantly boosting regional employment and long-term housing demand.
Westmoreland Townhomes
8‑unit townhome community built in 1986, each with a 2 Bed / 1.5 Bath layout
In‑town location near Portland’s city center on 0.67 acres, providing convenience to services and employment with durable long‑term land positioning.
Buildings constructed on crawlspaces with central heat and air, providing ease of maintenance and consistent resident comfort.
Washer/dryer connections in every unit, enhancing absorption and supporting premium rents.
Individually metered electricity in tenant names, reducing owner utility exposure.
Master‑metered water by building with RUBS bill‑back (trash included in water bill), creating predictable recovery of utility costs.
3 of 8 units renovated, offering immediate rental upside via ongoing interior upgrade program.
Pro‑business industrial base with a healthy mix of manufacturing and distribution (automotive suppliers, hospital supplies, steel fabrication), aided by proximity to I‑65, a setup that has supported steady job creation for decades.
Commuter‑convenient location to major metros: approximately 40 miles to Nashville and ~61 miles to Clarksville, giving residents access to two of Middle Tennessee’s largest employment centers while benefiting from Portland’s relative affordability.
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