|Number of units||200|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents The Blue Apartments (“The Blue” or “the Property”), a 200-Unit / 512-Bed community boasting a comprehensive renovation completed in 2020 to serve the student-renters at Middle Tennessee State University (“MTSU”) in Murfreesboro, TN. As Murfreesboro hasn’t welcomed a student-housing delivery since 2016—and the pipeline contains no imminent starts—upgraded unit interiors, building exteriors, common areas, and community amenities constitute a market-leading amenity package. The student-housing market in Murfreesboro is projected to see annual rent growth averaging over 3% through Fall 2024, and enrollment-growth peripherals remain remarkably positive following a 36% increase in applications year-over-year.
Consecutive fall semesters saw year-over-year enrollment growth as enrollment climbed to 22,084 students in Fall 2020. MTSU has long been the most popular education provider of greater Nashville, with one in five greater Nashville college graduates holding an MTSU degree. As Nashville added over 288,000 residents from 2010-2020, the MTSU recruiting grounds will only continue to grow more densely populated with Rutherford County projected to grow 81% by 2045. The combination of an empty supply pipeline with both regional & state-level demographics pointing towards enrollment growth primes the Property to capture outsized rent growth with reduced vacancy in the coming academic years.
Full Renovations with No Deliveries since 2016 - Extensive Upgrades to All Features of the Property Has Created a Market-Leading Package of Finishes & Amenities
Enrollment Growth Indicators – 36% Growth in Applications from Fall 2019 to 2020 with State of Tennessee Expected to Add 250,000 Residents from 2020 to 2025
No Supply & 3%+ Annual Rent Growth Projected – Pipeline Remains Empty with Off-Campus Rent Growth Projected to Average over 3% from 2021-2024
Located within Nashville MSA – Among the Top MSAs in the Nation for Population Growth, Tech Jobs, and Young Professionals
Proximity to Campus & Retail – The Property Resides within a 5-Minute Drive of Campus and a Half-Mile of a Dozen Favorite Restaurants & Retail Locations