Luxury Student Housing Bought for $20M, Upgrades in the Works
By Eliza Theiss, Associate Editor
Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area. According to a report by the Nashville Business Journal, the buyer paid $20.7 million for the community located at 1540 New Lascassas Highway, about half a mile north of the MTSU campus. According to company information, Hayman will invest about $2 million to renovate units and common areas, such as the clubhouse, business center and fitness center, as well as some of the outdoor amenities.
“College Grove will be an ideal value-add opportunity with our updated amenities offered at the right price,” said Jerry Tonn, senior vice president of Hayman Company. The 240-unit community consists of two-bedroom and four-bedroom apartments between 770 square feet and 1489 square feet in size, which currently rent at rates between $339 and $519 per month. The luxury student apartment complex features high-end community amenities such as a fitness center, resort style pool and spa, outdoor whirlpool, tanning dome and bed, misting station, tennis courts, sand volleyball court, basketball court, outdoor courtyards complete with picnic area and barbecue grills, coffee station, car wash, complimentary parking for residents as well as guests, community-wide Wi-Fi, including the pool deck, computer lab, on-site management. The community is pet friendly. Units, which come fully furnished, feature electronic front door locks, washer and dryer, private balcony/patio, sizeable kitchen complete with microwave, and extended basic cable.
“Our company targets conventional and student housing communities that are well located in growing markets and present a value enhancement opportunity through renovation and repositioning,” declared Andrew Hayman, president of Hayman Company. The acquisition is in accordance with the buyer’s investment strategy, as MTSU is one of the oldest and largest in Tennessee and boasts high enrollment numbers: fall 2012 brought 25,000 undergraduate and graduate students to its halls. The purchase of College Grove has increased the company’s conventional and student housing portfolio to 15,000 units nationwide.
Photo courtesy of College Grove