$4.8+ Million in Capital Improvements since 2016: Long-term, attentive ownership has consistently re-invested capital into the properties. New ownership stands to benefit from well-maintained assets.
Rent Growth Opportunity: Murfreesboro’s projected rent growth of 11.5%, 5.3%, and 3.0% for 2022, 2023, and 2024, respectively (according to CoStar), affords new ownership with strong potential for continued revenue upside.
Neighboring Comps Achieving $200-$300+ Higher Rents: Nearby properties, Ashwood Cove and Chelsea Place, are achieving over $200-$300+ higher rents with many 2 bed asking rents over $1500 and 3 bed asking rents over $1700.
Loss-to-Lease Burn Off Opportunity: Murfreesboro’s year-over-year rent growth of 20.8% presents new ownership with significant opportunity to burn off loss-to-lease.
Supply Constraints and Barriers to Entry from Recent Government Regulations: In addition to higher labor and materials costs throughout the construction industry, the City of Murfreesboro passed a sewer allocation ordinance in 2019 which lowers the allowable units per acre and imposes new sewer fees for new multifamily construction.
Low Utility Costs: All 3 properties are individually metered for both water/sewer and electricity, which dramatically decreases ownership’s expense burden compared to other apartment communities that are master metered for water/sewer.
Economies of Scale and Variety of Unit Types: The proximity of all 3 properties within 1 mile of each other provides economies of scale for management. The Slate at 96 and The Southern, coupled with the townhomes of Dana Downs, provides residents with variety of unit types as well as opportunities to transfer within the portfolio as needs change.
Rutherford County Growth: Rutherford County has been experiencing massive growth, as evidenced by the following:
Proximity to MTSU: The properties are located less than 1.5 miles from Middle Tennessee State University, the second largest undergrad enrollment in Tennessee. MTSU has over 2,200 jobs, over 22,000 students, and over 80% of students live off campus.
Quick Access to Murfreesboro’s Best Retail: The properties are located within 5 miles of Murfreesboro’s premier shopping centers, including:
The Avenue Murfreesboro: 843,000 SF – Belk, Old Navy, Barnes & Noble, World Market, Bed Bath & Beyond, Over 85 shopping and dining options
Stones River Town Centre: 607,886 SF – Dillard’s, JCPenney, AMC, Electronic Express, 60+ stores
Other Nearby Retail: Publix, Kroger, Sam’s Club, Kohl’s, Target, Walmart, Home Depot, Chick-Fil-A, Starbucks, Aldi, Ross, Marshalls, Lowe’s, Hobby Lobby, & more
Proximity to Major Middle Tennessee Employment Hubs: I-24 (123,792 VPD) and I-840 (51,976 VPD) offer tenants convenient access to the Nashville MSA’s largest employment hubs, including:
Access to Growing Rutherford County Employers: Rutherford County has seen multiple major relocation and expansions in the area, led by Amazon. Major employers include:
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Murfreesboro Portfolio") located in Murfreesboro, Tennessee.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Murfreesboro, Tennessee and known as Murfreesboro Portfolio (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: