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Partnership Sells Self-Developed, 144-Unit Apartment Portfolio in Murray for $14M
Jennings Management and BTJ Rental, LLC, have completed the $13.7-million sale of a 144-unit apartment portfolio in Murray, KY near the Murray State University Campus. The portfolio was 100% leased at sale.
Adam Klenk, Austin Heithcock, Tyler Mayo and Jordan Arand of Capstone Apartment Partners facilitated the transaction on behalf of the seller, which self-developed the portfolio over the last 10 years and maintained the assets through hands-on self-management.
According to Klenk, the transaction set a price-per-unit record in KY.
The portfolio is comprised of 86 completed units, 24 nearly completed units and 20 under construction units, all private-entry and garden-style. Each unit is located within a two-mile radius of one another, offering significant economies of scale for the new owner, which plans to take advantage of lease-up rents and provide a higher quality product than the market currently offers.
- ◦Sale/Acquisition
