THE OPPORTUNITY

- Great Value Add Candidate, Trails Newer Assets By $125 Per Bed

Campus Crossings offers white appliances, white cabinets, and Formica countertops and could benefit from an amenity refresh to close the rent delta newer properties offer. Berkadia feels new ownership can potentially grow revenue by $500,000 by executing these upgrades.

-​ Record Level High School Population and Strong Freshmen Enrollment

Middle Tennessee State University enjoyed a 14.3% increase to the Freshmen enrollment in 2019. This is a result of university initiatives and the strong Tennessee population growth, specifically within the 18-24-year-old demographic, which is projected to be at record levels for the next five years.

- Best in Market Location / Pedestrian to Campus

Campus Crossings offers the absolute best-in-class pedestrian access to Middle Tennessee State University and its 21,721 students. Situated 0.06 miles from campus, residents can quickly and easily walk to campus.

- Strong Capital Infusion to University Infrastructure

MTSU unveiled a $40 million academic building for criminal justice, psychology, and social work which opened this fall, plus an additional $40M in other master plan projects. The trophy $150M science building is the best in the state; it opened in 2015 and was one of the largest initiatives in the state at that time.

- State Funded “Drive to 55” Initiative

Tennessee is the first state in the nation to offer high school graduates two years of college tuition-free. The “Drive to 55” mission is to equip 55 percent of Tennesseans with a college degree or certificate by 2025. In a joint effort, Middle Tennessee State University has a set target enrollment of 27,000 students by 2025 and the state is investing in MTSU infrastructure to help them achieve this goal.

- MTSU: Second Largest University in Tennessee, Located Within Nashville MSA

Middle Tennessee State University features 140 undergraduate degree programs and offers more than 110 graduate programs. The MTSU athletic program operates as a member of the NCAA Conference USA, where it fields 17 Division 1-A athletic teams. Nashville / Middle Tennessee MSA, which ranks as the 36th-largest MSA in the United States, has benefited from extensive growth and continues to outpace the national average. Murfreesboro's ranking as one of the "Top 15 Fastest-Growing Large Cities in the United States" is a direct reflection of the growth generated by the state and city of Nashville.

THE PROPERTY

Campus Crossings is a 252-unit (816-bed), Garden style, student housing apartment community located 0.06 miles south of Middle Tennessee State University, in the city of Murfreesboro, TN. Built in 2004, the property contains 15 buildings with three stories, wood-frame constructed with brick, siding, pitched roofs and composition shingles.

Situated on 16.15 acres of land with a density of 15.60 units per acre, Campus Crossings encompasses a desirable unit mix comprised of:
​ ​ ​ • 48 two-bedroom units (96 beds) measuring 890 square feet each
​ ​ ​ • 96 three-bedroom units (288 beds) measuring 1,198 square feet each
​ ​ ​ • 108 four-bedroom units (432 beds) measuring 1,440 square feet each
Average unit size of 1,243 square feet

Beds

816

Units

252

Year Built

2004

Proximity to Campus

0.06 mi
Unit Features

• Ceiling Fans In Every Room

• Complimentary Internet & Cable

• Dining Area with Table and Chairs

• Full-Size Beds

• Full-Size Washer & Dryer

• Fully Equipped Kitchen with Appliance Package

• Furnished Living Room with Sectional Sofa, Coffee Table
​ ​ ​ & Entertainment Center

• Keyed Bedroom Entry

• Master Suite In Select Floor Plans

• Patio / Balcony

• Private Bedrooms & Bathrooms

 

Community Features

24-Hour Computer Lab with Free Printing

• 24-Hour Fitness Center

• 24-Hour Game Room with Big Screen TV

• Beach Volleyball

• Free Tanning

• On MTSU Raider Xpress Route

• Private Study Room

• Resort Style Pool & Hot Tub

Property Tour

MARKET AREA

MIDDLE TENNESSEE STATE UNIVERSITY

Founded in 1911, Middle Tennessee State University (MTSU) is a four-year public university located in Murfreesboro, Tennessee. As a comprehensive and innovative institution, MTSU has grown to become the second-largest public university in the state. In the fall of 2019, the university welcomed 21,720 students, 2,312 of which were new freshmen.

The university's residence halls are spread across four campus areas, West Campus, Mid-Campus, East Campus, and North Campus. West Campus comprises three residence halls, Mid-Campus is home to five halls, East Campus is composed of three halls, and North Campus features two residence halls. In addition, MTSU offers two university-owned apartment communities, Scarlett Commons and Womack Lake, devoted to students and their families. Overall, Middle Tennessee State University boasts an on-campus housing capacity of about 3,000, leaving 18,721 (86%) students in need of off-campus housing options.

For the purposes of social distancing, in response to the Covid-19 pandemic, MTSU is restricting the number of students living in an on-campus bedroom to one, limiting the number of beds available on campus. Due to this policy, currently there are more than 20k students in need of off-campus housing.

CONTACT US

BERKADIA STUDENT HOUSING TEAM
FINANCING

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. ​ ​ This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​

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