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Capstone Arranges $10M Sale of Murray State Student Housing Portfolio

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.

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About David Cohen

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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Acquisition