MURRAY, KY—Capstone Apartment Partners announces the $13.68 million sale of a 144-unit portfolio in Murray, Kentucky near the Murray State University campus. Each unit is located within a two-mile radius of one another, offering significant economies of scale for the new owner, who plans to take advantage of lease-up rents and provide a higher quality product than the market currently offers.
Capstone’s Adam Klenk, Austin Heithcock, Tyler Mayo, and Jordan Arand facilitated the transaction on behalf of the seller, Jennings Management and BTJ Rental, LLC, who self-developed the portfolio over the last 10 years and maintained the assets exceptionally well through hands-on self-management.
“We couldn’t be more excited to transact on another great Murray, Kentucky asset while also setting a price-per-unit record for the MSA. It was a pleasure working with our clients on the transaction,” said Klenk, managing director of Capstone’s Nashville-based brokerage team.
The portfolio is comprised of 86 completed units, 24 nearly completed units, and 20 under construction units. Each private-entry, garden-style unit boasts exceptional construction quality, open-concept floorplans, and modern unit finishes including shaker-style cabinetry, luxury vinyl plank flooring, black appliances, granite countertops, and a full-size washer and dryer. The portfolio was 100% leased at the time of closing.