This former hotel-turned-apartment complex in Knoxville, Tennessee, is giving area residents a much-needed second chance.
FIG Solutions, a local nonprofit group dedicated to providing affordable housing in Knoxville, purchased the vacant former Americas Best Value Inn for $7.5 million and converted it into 85 studio apartments. The deal received a 2025 CoStar Impact Award for sale of the year in Knoxville, as judged by real estate professionals familiar with the market.
The building as a motel had seen better days, attracting crime to the neighborhood. The owner converted the building into a modern studio apartment complex that could fetch the highest price. Brokers had the perfect buyer in mind with Freedom Investment Group.
Today known as Second Creek Studios, the building is nearly fully occupied. The studio apartments have full bathrooms and kitchenettes, and residents have access to an outdoor pool area. FIG Property Management manages the apartments.
The development has made headlines as a source of much-needed affordable housing in Knoxville, and was featured on Soledad O'Brien's Matter of Fact television documentary series.
About the project: Second Creek Studios has played a big role in helping families and individuals in need in Knoxville. Families with no other options have found safe housing in the development, and it's become a destination of choice for people exiting foster care.
What the judges said: "This was impactful due to size and scope," said Justin Bailey, CEO, Realty Executives Associates.
They made it happen: Listing broker Sheev Patel, associate advisor with SVN | Wood Properties; and buyer brokers Cohl Morgan, advisor; Kevin Tipton, senior advisor; and Jon Roosen, advisor, all with SVN | Wood Properties.