{"id":1004081937,"date":"2013-08-12T06:11:40","date_gmt":"2013-08-12T14:11:40","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=160125"},"modified":"2020-05-13T23:39:34","modified_gmt":"2020-05-14T07:39:34","slug":"luxury-student-housing-bought-for-20m-upgrades-in-the-works","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/","title":{"rendered":"Luxury Student Housing Bought for $20M, Upgrades in the Works"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove\"\"<\/a>, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area. According to a report by the Nashville Business Journal<\/em><\/a>, the buyer paid $20.7 million for the community located at 1540 New Lascassas Highway, about half a mile north of the MTSU campus. According to company information, Hayman will invest about $2 million to renovate units and common areas, such as the clubhouse, business center and fitness center, as well as some of the outdoor amenities.<\/p>\n

\u201cCollege Grove will be an ideal value-add opportunity with our updated amenities offered at the right price,\u201d said Jerry Tonn, senior vice president of Hayman Company. The 240-unit community consists of two-bedroom and four-bedroom apartments between 770 square feet and 1489 square feet in size, which currently rent at rates between $339 and $519 per month. The luxury student apartment complex features high-end community amenities such as a fitness center, resort style pool and spa, outdoor whirlpool, tanning dome and bed, misting station, tennis courts, sand volleyball court, basketball court, outdoor courtyards complete with picnic area and barbecue grills, coffee station, car wash, complimentary parking for residents as well as guests, community-wide Wi-Fi, including the pool deck, computer lab, on-site management. The community is pet friendly. Units, which come fully furnished, feature electronic front door locks, washer and dryer, private balcony\/patio, sizeable kitchen complete with microwave, and extended basic cable.<\/p>\n

\u201cOur company targets conventional and student housing communities that are well located in growing markets and present a value enhancement opportunity through renovation and repositioning,\u201d declared Andrew Hayman, president of Hayman Company. The acquisition is in accordance with the buyer\u2019s investment strategy, as MTSU is one of the oldest and largest in Tennessee and boasts high enrollment numbers: fall 2012 brought 25,000 undergraduate and graduate students to its halls. The purchase of College Grove has increased the company\u2019s conventional and student housing portfolio to 15,000 units nationwide.<\/p>\n

Photo courtesy of College Grove<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004081937","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"\nLuxury Student Housing Bought for $20M, Upgrades in the Works - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Luxury Student Housing Bought for $20M, Upgrades in the Works\" \/>\n<meta property=\"og:description\" content=\"Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-12T14:11:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T07:39:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Luxury Student Housing Bought for $20M, Upgrades in the Works\",\"datePublished\":\"2013-08-12T14:11:40+00:00\",\"dateModified\":\"2020-05-14T07:39:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/\"},\"wordCount\":359,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/college-grove-apartments-website.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Nashville - Knoxville\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/\",\"name\":\"Luxury Student Housing Bought for $20M, Upgrades in the Works - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/college-grove-apartments-website.jpg\",\"datePublished\":\"2013-08-12T14:11:40+00:00\",\"dateModified\":\"2020-05-14T07:39:34+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/college-grove-apartments-website.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/college-grove-apartments-website.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Luxury Student Housing Bought for $20M, Upgrades in the Works\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\",\"name\":\"Eliza Theiss\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g\",\"caption\":\"Eliza Theiss\"},\"description\":\"Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. Reach her at eliza.theiss@yardi.com\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/eliza\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Luxury Student Housing Bought for $20M, Upgrades in the Works - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/","og_locale":"en_US","og_type":"article","og_title":"Luxury Student Housing Bought for $20M, Upgrades in the Works","og_description":"Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area.","og_url":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-08-12T14:11:40+00:00","article_modified_time":"2020-05-14T07:39:34+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg","type":"","width":"","height":""}],"author":"Eliza Theiss","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/"},"author":{"name":"Eliza Theiss","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/de1353a5de72f96494054df3ecca7de4"},"headline":"Luxury Student Housing Bought for $20M, Upgrades in the Works","datePublished":"2013-08-12T14:11:40+00:00","dateModified":"2020-05-14T07:39:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/"},"wordCount":359,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg","keywords":["National"],"articleSection":["Nashville - Knoxville","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/","url":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/","name":"Luxury Student Housing Bought for $20M, Upgrades in the Works - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg","datePublished":"2013-08-12T14:11:40+00:00","dateModified":"2020-05-14T07:39:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/de1353a5de72f96494054df3ecca7de4"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/college-grove-apartments-website.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/luxury-student-housing-bought-for-20m-upgrades-in-the-works\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Luxury Student Housing Bought for $20M, Upgrades in the Works"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/de1353a5de72f96494054df3ecca7de4","name":"Eliza Theiss","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=mm&r=g","caption":"Eliza Theiss"},"description":"Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. Reach her at eliza.theiss@yardi.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/eliza\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004081937"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081937\/revisions"}],"predecessor-version":[{"id":1004440003,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081937\/revisions\/1004440003"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004081937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004081937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004081937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}