MTN Investment Group Acquires Student Housing Property In Murfreesboro, TN For $21.5M

The property involved in this transaction is a 252 BED Student Housing asset located at 1604 East Main Street, Murfreesboro, TN. The sale was completed for $21,500,000 and encompasses a total square footage of 120,000, translating to a price per square foot of $179. This property was built in 2016 and is 100% leased for the 23-24 school year, situated just a tenth of a mile from Middle Tennessee State University.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $21,500,000
• Square Footage: 120,000
• Price per Square Foot: $179
• Buyer: Russell Nova, Charles Taylor, Nizan Mosery, Biff Ramsey, Brad Siedel & Beth Underhill - MTN Investment Group
• Seller: Cedar Investment Group
• Interest Rate: 4.26% fixed until 2029
• Buyer Contact: Russell Nova, Principal, [email protected]
• CMO: Beth Underhill, [email protected]
• Principal: Nizan Mosery, [email protected]
• CTO: Brad Siedel, [email protected]

This transaction was facilitated by the buyer group MTN Investment Group, which focuses on acquiring Class A, Multifamily, and Student Housing properties in the Sunbelt States. Financing was arranged by Igor Zakh and Cornerstone Capital of NY. The buyer expressed gratitude to all partners involved in the acquisition.