Capstone Apartment Partners has arranged the $10.1 million sale of a 248-unit, 898-bed student housing portfolio near Murray State University in Kentucky.
The portfolio consists of two properties, CEV Murray North and CEV Murray South, both of which are less than a half-mile north of Murray State University’s campus. CEV Murray North features 140-units, 490 beds and was built in 2008. CEV Murray South features 108 units, 408 beds and was built in 1999. Amenities at the communities include swimming pools, fitness centers, grilling areas and volleyball courts.
Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo of Capstone represented the seller, Timberline Real Estate, in the transaction. The buyer was Hillcrest Acquisitions, which plans to complete renovations to the assets in order to improve occupancy.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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