Woodlark Capital LLC purchased Raiders Ridge Apartments in Murfreesboro, Tenn., for a price of $26.6 million.
Completed in 2006, the property serves the student population of Middle Tennessee State University, the second-largest university in the state. The apartment complex is situated on 22 acres and consists of eight three-story apartment buildings and a clubhouse, which also serves as a leasing office.
Fully occupied through the end of the 2007 academic year, the property offers a selection of two-, three- and four-bedroom apartments totaling 696 beds in all. Amenities include a fitness center and swimming pool, tanning beds, sand volleyball court and two tennis courts, TV lounge and game room, community grills and picnic areas.
Woodlark Capital LLC focuses primarily on off-campus student housing in demographically strong secondary and tertiary markets in which it has found good pricing value for delivering strong returns to investors. In 2006 alone, including Raiders Ridge Apartments at Middle Tennessee State University, Woodlark Capital has acquired close to $100 million worth of student housing properties that respectively service the University of Notre Dame (South Bend, Ind.), Valdosta State University (Valdosta, Ga.), and Texas Tech University (Lubbock, Texas).