Download Offering Materials: Station at Martin
Capstone Apartment Partners is pleased to present the Station at Martin, a 384-bed asset constructed in 2000, servicing the University of Tennessee at Martin. This regional university historically draws most students from west Tennessee, but with new leadership, a new and aggressive recruiting initiative has been put in place to appeal to students beyond the traditional geographic boundaries. This strategy has proven fruitful as enrollment is up 7.2% since 2017; this enrollment trajectory is expected to continue with a planned institutional development pipeline of over $75 million. This student growth has powered the demand in the Martin student rental market, which is largely comprised of smaller multi-family assets and single-family rentals that are boasting occupancy rates near or at 100%.
The Station at Martin has historically drawn students due to the property’s proximity and connectivity to campus, via a 200-foot walking trail, and the large and spacious floorplans. To appeal to even more students and to modernize the property, current ownership has spent over $200,000 in renovating the amenity package, clubhouse, and greenspace and has addressed some small, deferred maintenance. This acquisition opportunity is poised for success with a growing and fundamentally sound market, an unmatched amenity package, and well-timed sale to immediately implement pre-leasing strategies for the 2021–2022 academic year.