What's Happening?
Trinitas Ventures and Millstone have announced the development of Laster Farms at Turkey Creek, a new multifamily community in Farragut, Tennessee. The $80 million project will deliver 320 residences,
including 240 apartments and 80 townhomes, in Knox County, a region experiencing significant growth. The development will feature modern farmhouse aesthetics and high-end finishes, with amenities such as a clubhouse, fitness center, and resort-style pool. The community is strategically located near the Turkey Creek retail district, offering residents convenient access to shopping and dining. The project reflects Trinitas Ventures' expansion into market-rate multifamily housing and Millstone's commitment to high-quality construction in dynamic markets.
Why It's Important?
The development of Laster Farms at Turkey Creek is significant for the Knoxville region, which has seen the 7th highest rent growth in the U.S. over the past four years. The project addresses the demand for housing in a fast-growing area, driven by employment growth and in-migration. It represents a substantial investment in the local economy, potentially boosting job creation during construction and enhancing the area's appeal to new residents. The project aligns with broader trends in real estate, where developers focus on high-barrier, undersupplied markets to maximize returns and community impact.
What's Next?
Construction financing for Laster Farms is expected to close in November 2025, with vertical construction beginning shortly thereafter. The development will offer one-, two-, and three-bedroom layouts, with rents ranging from $1,800 to $2,800 per month. As the project progresses, it will be important to monitor its impact on local housing markets and community dynamics. The success of Laster Farms could influence future real estate developments in the region, encouraging similar investments in other high-growth areas.
