MURRAY, KY—Capstone Apartment Partners has closed the $7.2 million sale of Station 74: a 74-unit, 268-bed apartment community located on the northern edge of Murray State University. Trading at $97,500 per unit and $27,000 per bed, this transaction established the record for highest price per unit sold in the city of Murray.
Capstone sold Station 74 on behalf of the Atlanta-based developer, Stonemont Financial Group, and procured the buyer, Up Campus Properties, who is based out of Chicago. Up Campus Properties was attracted to the property due to its proximity to Murray State Campus, construction quality, and premium finishes.
The Capstone Apartment Partners’ transaction team was led by Jonathan Hawks, Adam Klenk, Austin Heithcock, and Bryse Toothaker.
Newly built in 2015, Station 74 features two- and four-bedroom apartments and was operating at 90% occupancy at the time of closing. The garden-style community’s amenity package includes a heated swimming pool, fitness center, grilling area, tanning room, and bike storage. Each fully furnished apartment home features hardwood-style flooring, ceiling fans, oversized closets washer/dryer, and a fully equipped gourmet kitchen with wood cabinetry, and stainless-steel appliances.