True North Sells 512-Bed TN Community
The property, which also landed new management, offers a mix of one- to four-bedroom student apartments near Middle Tennessee State University.
By Jeff Hamann
The Blue in Murfreesboro, Tenn.
True North Management Group has sold The Blue, a 512-bed student housing community in Murfreesboro, Tenn. The buyer, a private investor from New York, acquired the property for $11.3 million, according to Rutherford County records. The new owner selected Asset Campus Housing to oversee management.
Located at 2702 S. Rutherford Blvd., The Blue is situated approximately one mile south of Middle Tennessee State University. The asset sits within four miles of Interstate 24, enabling convenient access to Nashville, 35 miles to the northwest. The Rutherford Boulevard retail corridor, immediately north of The Blue, is home to a variety of shopping and dining options, including WalMart, Dollar Tree, Applebee’s and Starbucks.
The property’s 13 two- and three-story buildings, constructed in 2004, contain a 200-unit mix of one- to four-bedroom apartments, ranging in size from 478 to 1,342 square feet. Community amenities include an outdoor swimming pool with a hot tub, business center, tanning bed, sand volleyball court and a fitness center.
Image via Google Maps
