Reserve at Raintree

Dominion originally acquired Raintree Apartments in 2009, which consisted of 112 1980s vintage apartments and townhomes in a highly desired location in West Knoxville. As part of the acquisition, Dominion obtained two significant land parcels that were undeveloped. Dominion has worked over its ownership period to provide two rounds of renovations on the existing units, providing a high-quality, amenitized option at a reasonable price point. Dominion also went to work developing the additional parcels, developing a 64 unit Assisted Living/Memory Care community in 2012 (Wellspring Senior Living) and a 120-unit new construction apartment project in 2021 (Reserve at Raintree Apartments). Raintree, and the Reserve at Raintree, provide critical quality housing at attainable price points in arguably the most desired location in Knoxville.

Work to re-imagine an aged apartment community in a highly desired location, while creating new housing options on the additional acreage purchased. Creating a development plan that honors the residential, wooded nature of the site and its surrounding areas, while providing housing options at multiple price points to address the needs of Knoxville area renters.

Dominion served as developer, owner and manager, using its own captive construction company and design teams to renovate the existing units. In developing the additional land, Dominion served as developer, owner, manager and contractor to develop the adjacent senior living community and apartment community. Community amenities, shared by the apartment users on the site, include a saltwater pool, community center, playground, pavilion, fitness center, and sand volleyball court. Dominion’s internal management company, Dominion Management Group (DMG), was consulted at every step of the process and provides property management services and community engagement. Dominion continues to provide asset management services to the project, ensuring its successful execution.

Raintree/Reserve at Raintree is a classic example of Dominion’s approach to acquisitions, development and management, creating tremendous value from a site that was under-managed and underutilized prior to our acquisition. Today, each piece of this development is thriving and stands as a shining example of our vertical integration–from development and construction management to property management and asset management. Raintree and Reserve at Raintree have created an 80+% return on cost to its partners over the life of the investment.