Newmark closed the $56 million sale of Campus Crossings, a 252-unit multifamily community in Murfreesboro, Tennessee.
Newmark Managing Directors Vincent Lefler and Tarek El Gammal represented the seller, ApexOne Investment Partners, in the sale to Albion Residential. This sale was the 19th disposition or acquisition transaction that Newmark has executed on behalf of ApexOne for assets across the U.S.
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% 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.
The property amenities include a 24-hour computer lab, fitness center and game room, a resort-style pool and hot tub and beach volleyball court. The units offer fully equipped kitchens, furnished living rooms and private bathrooms in all bedrooms. At the time of the sale, the property was 98% occupied.
