MURFREESBORO, TN—Capstone Apartment Partners has closed the $19.6 million sale of Merchants Walk: a brand new garden-style community in Murfreesboro, TN—the fastest growing city in the state. Merchants Walk is comprised of four three-story apartment buildings with 112 spacious and upscale apartment homes. Located at 2650 Merchants Walk, the asset is ideally situated off S Church St near Interstate 24, providing easy access to downtown Murfreesboro and the Nashville metro.
The Capstone Apartment Partners transaction team was led by Nashville-based Adam Klenk, Tyler Mayo, and Austin Heithcock, who sold the property on behalf MWH LLC. The buyer is New York-based Valor Residential, who went under contract on the property prior to its final certificate of occupancy. They were drawn to the property given its Class A construction and strong location.
“Merchants Walk presented a unique opportunity for us to grow our portfolio in Tennessee and acquire our first asset in Murfreesboro, which has continued to perform exceedingly well as a market. The high-end finishes and the ability to implement our management practices for the lease-up made this property an attractive acquisition. This is one of several deals I’ve closed with Capstone and look forward to working with them on many more projects in the future,” said Max Weingarten of Valor Residential.
Built in 2020, Merchants Walk is comprised of one-, two, and three-bedroom units with wood-style flooring, shaker cabinetry, stainless-steel appliances, walk-in closets, and washer/dryer connections. The community’s amenity package includes a clubhouse, business center, fitness center, walking trail, and a dog park. Merchant’s Walk was 15% occupied in lease-up at the time of closing.