Murray, Ky. — Capstone Apartment Partners has arranged the $10.1 million sale of an 898-bed student housing portfolio in Murray. The portfolio features two properties: CEV Murray North and CEV Murray South, which are situated less than a half mile north of Murray State University’s campus. Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo represented the seller, Timberline Real Estate, in the transaction. The buyer, Hillcrest Acquisitions, plans to begin minor renovations at the properties to improve occupancy while keeping the current management company in place.
CEV Murray North features 140-units and 490 beds. The property was built in 2008 and was 75 percent occupied at the time of closing. Less than one mile south from CEV Murray North is CEV Murray South, which has 108 units and 408 beds. The apartment property was constructed in 1999 and was 90 percent occupied at the time of sale. CEV Murray North and South each offer amenity packages including swimming pools, fitness centers, clubhouses, grilling areas and volleyball courts.