“One of the fastest-growing cities in the nation, Murfreesboro’s strong multifamily dynamics over last five years include 20 percent population growth and 14.5 percent rent growth,” said Will Balthrope, IPA executive managing director. Balthrope, IPA’s Drew Garza and David Stollenwerk, first vice president investments in Marcus & Millichap’s Nashville office, represented the seller, Vantage Communities, and procured the buyer, American Landmark. “The combination of an unofficial moratorium on new apartment construction and Murfreesboro’s status as the fastest-growing suburb of Nashville created an opportunity for new ownership to capture a rare investment that will have tremendous value appreciation long-term,” added Stollenwerk.
Murfreesboro is located within Rutherford County, home to employers like Nissan North America, Amazon, State Farm, Ingram Content Group, Verizon Wireless, General Mills, and Bridgestone/Firestone. Downtown Nashville is under 30 minutes from the property. Residents can easily access Interstates 24 and 840. Retail and entertainment are nearby at The Avenue at Murfreesboro, Stones River Town Centre and The Oaks Shopping Center. Middle Tennessee State University is a short drive.
Built in 2020 on 22 acres, Vantage at Murfreesboro is a gated, limited-access community that offers residents resort-style amenities such as a swimming pool with a tanning ledge, a media lounge, and two dog parks. Apartments have 10-foot ceilings and average 847 square feet. Select units have fenced-in yards.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, San Antonio, and select cities throughout North America,” said Balthrope. Jody McKibben, first vice president and regional manager, is Marcus & Millichap’s broker of record in Tennessee.