It was standing room only under the tent on May 27 as LHP Capital celebrated a major milestone: the official groundbreaking ceremony for Golden Age II!
LHP’s CEO Carey Parker, Development CEO Alvin Nance and VP of Development Tallal Shakarchi were on hand to celebrate alongside an incredible turnout of community and civic leaders. It was an honor to mark the occasion with local civil rights legend Reverend Harold Middlebrook, City of Knoxville Mayor Indya Kincannon, our founder and chair Phil Lawson, and a host of other dignitaries and housing professionals.
Located at 1213 Beaman Lake Road, Golden Age II is a brand-new, four-story, 90-unit apartment community coming to East Knoxville. This landmark development represents a significant step forward in LHP Capital’s growth as our second new construction project, following the successful footprint established by our very first new construction development, Tapestry at Roan Hill.
Situated near the existing Golden Age Retirement Village, this 3.93 expansion will feature 86 one-bedroom and 4 two-bedroom apartments. Designed to provide safe, modern and highly accessible homes for low-income seniors and individuals with disabilities, every home will feature spacious floor plans, energy efficient appliances and modern fixtures. To ensure our future residents have the support they need to thrive, the community will also feature an on-site Service Coordinator.
To keep these beautiful new homes truly affordable, rents will be set at 30% of adjusted income via project-based vouchers provided by Knoxville’s Community Development Corporation (KCDC).
The $31 million complex is made possible through a strong public-private partnership. The City of Knoxville is supporting the development with a 20-year PILOT along with $2.1 million in Affordable Rental Development and HOME funds. Additional financing includes a $7.6 million HUD-insured mortgage originated by Walker & Dunlop, approximately $15.6 million in LIHTC from THDA and a $6 million bridge loan provided by First Horizon Bank.
Construction is officially underway, and we cannot wait to see this beautiful community take shape before doors open in November 2027!
Enjoy photos from the groundbreaking:
