|Number of units||244|
Jones Lang LaSalle (JLL) has been exclusively retained to offer qualified investors the opportunity to purchase Aspen Heights Murfreesboro, a 244-unit, 750-bed student housing community at Middle Tennessee State University. With enrollment nearing 22,000 for the 2020/2021 Academic Year, Middle Tennessee State University is on the upside in terms of enrollment growth.
Aspen Heights Murfreesboro is located on Old Castle Drive, southeast of the MTSU campus and between John Bragg Highway and US-41. The property’s location not only provides students with expeditious access to campus, but to other parts of Middle Tennessee as well. Built in 2013, the property offers top-of-the line amenities for students including a 24-hour fitness center, California-style pool, volleyball court, private shuttle bus to campus and high-end interior unit finishes with large bedrooms and private bathrooms. Since 2017, Aspen Heights Murfreesboro has maintained a near 100% occupancy level in addition to successfully pushing average annual effective rents in excess of 5%. Per the November 2020 Axiometrics University Report, enrollment at Middle Tennessee State, which has capacity for up to 30,000 students, is expected to grow over the next several years. Aspen Heights Murfreesboro presents investors with the opportunity to purchase highly occupied and stable purpose-built property less than 40 miles from Nashville, a rapidly expanding economic hub.
- The only purpose built cottage-style community in Murfreesboro
- High quality product with best-in-class amenities and finishes
- Since 2017, the property has been nearly 100% occupied with average annual rent growth in excess of 5%
- Developed by top tier developer, Aspen Heights
- No new supply in pipeline