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Area Size
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Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 2015
Building Area Net

Asset Description

Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents Station 74 Apartments (“the Property” or “Station 74”), a 268-bed student-living community offering both the market’s best location and an unmatched amenity package at Murray State University. As both the purpose-built market’s newest asset and being situated just two blocks north of campus, Station 74 is best positioned to capitalize on rental rate pressure stemming from the dearth of product and advantageous demand peripherals.


Beyond Station 74, there exists only two competitor properties—built in 2000 & 2008—and these properties achieved an average occupancy of 96% for Fall 2021. In total, the purpose-built market leaves over 87% of Murray State students without living accommodations and the supply pipeline remains empty. Fall 2021 marks the third consecutive year that applications and freshman-class sized have increased with preliminary figures for Fall 2021 enrollment suggesting a 4.1% increase over Fall 2019. Station 74’s position as the undoubted, best-in-class asset indicates that the Property is ideally suited to capture outsized rent growth as fundamental pressure continues drive up occupancy and rates.

Investment Highlights

-      Market’s Best-Located Asset – Station 74 is located within 2 blocks of Murray State University’s campus and within a half-mile of the hugely popular 12th Street retail corridor.

-      Market’s Best Amenity Package & Unit Finishes – As the market’s only modern student-housing asset, Station 74 offers the most impressive amenity package and unit interiors in Murray.

-      Elite Market Performance – Combined off-campus average occupancy for purpose-built product to exceed 95% occupancy for the current academic year.

-      Favorable Fundamental Outlook – Supply pipeline remains empty despite applications and freshman-class size increasing over the last 3 years consecutively, resulting in Fall 2021 enrollment growth of 4%.

-      Robust Market Performance Projections – From the first quarter of 2022 through the end of 2026, university market will average 95% with rents growing 14% over that same period.

Last Updated Date: 04 Nov 2021

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Last Updated Date: 04 Nov 2021

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