ApexOne Investment Partner has sold Campus Crossings, a 252-unit multifamily community in Murfreesboro, Tenn., for $56 million to Albion Residential.
Campus Crossings was constructed in 2006 in the heart of one of Nashville’s top suburban submarkets, near industry-leading employers and Middle Tennessee State University. The area’s 30 percent sustained population increase over the last decade sparked Murfreesboro to be the number one submarket in the Nashville MSA for occupancy and rent growth over the past two years, according to CoStar data.
“Murfreesboro offers something for everyone with its big-city amenities, small-town quality of life and college-town vibrancy,” said Vincent Lefler, a managing director at Newmark, which represented the seller. “Campus Crossings presents a tremendous opportunity for the new owners to take advantage of market-rate multifamily housing at a time when high-density development is restricted.”
The property amenities in
