MURFREESBORO, TN—Capstone Apartment Partners announces the sale of Merchants Walk Apartments in Murfreesboro, TN. The 112-unit Class A community was acquired by Security Properties.
Capstone’s Adam Klenk, Tyler Mayo, Austin Heithcock, and Jordan Arand sold the property on behalf of New York-based Valor Residential, who purchased the asset pre-stabilized in 2021. During their ownership, Valor Residential finished construction of the property while enhancing the amenity package and fully stabilizing the asset.
“Our team is thrilled to have closed another Class A transaction in Nashville MSA at over 15% above the initial pricing guidance. Murfreesboro is one of TN’s fastest growing cities which will allow the ownership to take advantage of its incredible rent growth and newsworthy job announcements,” said Capstone’s Klenk.
Completed in 2022, Merchants Walk is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, shaker-style cabinetry, granite countertops, large kitchen islands, stainless-steel appliances, balconies/patios, built-in desks in select units, and washer/dryer hookups. The community’s brand-new amenity package boasts a dog park, playground, resident lounge with wine bar and coffee station, fitness center with sauna, fire pit, and grilling area with a pergola. Merchants Walk was approximately 98% occupied at the time of closing.