JOHNSON CITY, TENN. – Transwestern Real Estate Services (TRS) announces its National Student Housing team brokered the disposition of Monarch 815, a 576-bed student housing community at 1109 University Parkway in Johnson City, Tennessee. Transwestern Senior Managing Directors Mike McGaughy, Jon Kleinberg and Bradley Fulkerson executed the transaction on behalf of the seller, 1109 University Parkway Holdings, LLC, via the RI Marketplace commercial real estate auction platform. Atlanta-based Logen Capital purchased the property for $26,250,000 or $45,572 per bed.
“Monarch 815 presented a high-quality investment opportunity well below replacement cost in a market with limited on-campus housing options,” said McGaughy. “New ownership has numerous avenues to create value through cost reduction, property enhancements and rental increases.”
Built in 2014, Monarch 815 consists of four residential buildings featuring 176 fully furnished apartments totaling 576 beds. The property offers a competitive amenity package designed for the student renter, including stainless steel appliances, full-size washers and dryers in each unit, and high-speed internet access. Shared amenities include a resort-style swimming pool, fitness center, private yoga studio, billiards room, and dog park.
Monarch 815 is ideally situated across from East Tennessee State University (ETSU), which serves over 14,000 students annually. Ranked among Tennessee’s top public schools, ETSU’s first-year student enrollment has increased by 30% over the past four years.
An image of the property is available for download here.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
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