Franco Irakoze, a 24-year-old African American real estate developer from Knoxville, Tennessee, is on track to complete 60-70 housing units. With several projects in the works, including townhomes in the nearby city of Mechanicsville, he's establishing a strong presence in the local real estate scene as a young mogul.
Irakoze is the founder of Definity Investments and one of Knoxville’s youngest real estate developers. Currently, Irakoze has 50 housing units under construction and plans to expand to 60-70 units once these projects are completed.A standout project of Irakoze’s is the development of 14 townhomes at the corner of University Avenue and West Fourth Avenue in Mechanicsville. Set to be completed this summer, these townhomes will be part of his growing property collection. Irakoze, who grew up in Mechanicsville, sees this project as a way to give back to the neighborhood where he began his journey.
"I actually grew up in Mechanicsville essentially all my life. I lived up the street on West Baxter." Irakoze said. "That's where I actually bought the first two properties I built. So when I saw these for sale, I was like, 'oh, this is right in my area.'"
Irakoze started in real estate at age 19 after leaving Tennessee State University when the COVID-19 pandemic began. He explored various businesses like drop shipping and e-commerce during high school. But during lockdown, he discovered his passion for property development.
Originally born in a refugee camp in East Africa, Irakoze moved to Knoxville in 2007 with his parents and grandparents. One of his first goals after entering real estate was to build a home for his mother.
"I always told myself, whenever I get some money I want to take care of my mom, coming from an immigrant household that’s essentially always number one thing to do and my parents never spoke a lick of English and they worked their way up here to get me here," he said.
Irakoze’s ongoing projects include several housing units across Knoxville, with plans for more developments in the future. Some of these projects align with the city’s new middle housing standards. Once finished, some units will be sold, while others will be available for rent.
Irakoze envisions contributing to the growth of Knoxville while making a positive impact on his community.
Be sure to follow Franco Irakoze's journey on Instagram @Franco.Irakoze