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Albion Residential has acquired Campus Crossings, a 252-unit community in Murfreesboro, Tenn., for $56 million. CIBC Bank USA provided $46.5 million in financing for the acquisition, Yardi Matrix data shows.
ApexOne Investment Partners previously paid $31.3 million for the property, according to the same data provider. Managing Directors Vincent Lefler and Tarek El Gammal of Newmark brokered the transaction on behalf of the seller.
Built in 2006 as a student-dedicated community, the property spans 16.2 acres and encompasses 15 low-story buildings with two-, three- and four-bedroom apartments, averaging 732 square feet, with fully equipped kitchens and furnished living rooms. Common-area amenities include a fitness center, game room, swimming pool with hot tub, computer lab and game room, as well as 300 parking spaces.
Located at 285 N. Rutherford Blvd., within Nashville’s top submarkets, the community is next to Middle Tennessee State University and major employment hubs in the area. Interstate 24, connecting it to Nashville, is less than 4 miles from Campus Crossings, as well.
“Formerly a student housing asset, Campus Crossing was purchased to convert to conventional multifamily. This is a growing trend in high-growth, development-constrained markets”, a Newmark representative confirmed for Multi-Housing News.
Albion Residential’s portfolio currently includes some 12 properties and more than 4,265 units in various stages of development across five markets, according to Yardi Matrix data. The company broke ground on the Albion in the Gulch, a $140 million community in Nashville, Tenn., last year.
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