MURRAY, KY—Capstone Apartment Partners has closed the $10,125,000 sale of a 248-unit/898-bed student housing portfolio in Murray, Kentucky. The portfolio is comprised of two properties: CEV Murray North and CEV Murray South. The assets are situated less than a half mile north of Murray State’s 253-acre campus.
Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock, and Tyler Mayo sold the property on behalf of Timberline Real Estate. The buyer, Hillcrest Acquisitions, plans to do minor renovations to the assets and improve occupancy while keeping the current management company in place. Hillcrest currently owns several properties in Western Kentucky and CEV Murray North & South are a strong addition to their existing portfolio.
CEV Murray North, comprised of 140-units/490 beds, was built in 2008 and was 75% occupied at the time of closing. Just 0.8 miles south is CEV Murray South, which has 108 units/408 beds, was constructed in 1999, and was 90% occupied at the time of sale. CEV Murray North and South each offer strong amenity packages catered to their student residents, with a swimming pool, fitness center, clubhouse, grilling area, and volleyball court at both properties.