Landmark Apartments

• INVESTMENT HIGHLIGHTS AT LANDMARK
• • Market-Leading Performance: Murfreesboro outpaces other Nashville suburbs,
• achieving 28% rent growth over five years and consistently high occupancy of 95%.
• • Demand Drivers: Rutherford County (Murfreesboro) has seen $2B invested for 30,000 new
• jobs in the last 5 years.
• • Supply Barriers: Local moratoriums since 2016 have created a low-supply, high-barrier-toentry
• submarket in Murfreesboro.
• • Revenue Upside: In-place rents are below market comps by up to 12%.
• • Expansion Opportunity: The property features approximately 8.7 acres of excess land,
• providing potential for additional units or upgrades to resident amenities.
• • Assumable Debt Available: High LTV assumable debt available.

Property Description

Newmark is pleased to present Landmark Apartments, a 264-unit, garden-style multifamily community built in 2001 and located in Murfreesboro, TN—one of the fastest-growing and most supply-constrained submarkets in the Nashville MSA. STRATEGIC LOCATION & MARKET STRENGTH Murfreesboro is a significant economic driver in Middle Tennessee, bolstered by strong population growth and a robust job market. Since 2020, the city has experienced a 13% increase in population and is projected to grow an additional 9% by 2029. Its strategic access to I-24 and I-840 enhances its position as one of Nashville’s main economic hubs, attracting major employers such as Nissan, Schneider Electric, General Mills, FedEx, and Amazon. PROPERTY OVERVIEW & INVESTMENT POTENTIAL Murfreesboro is one of the most supply-constrained submarkets in the MSA and has consistently outperformed other suburban areas in the region. It boasts the highest stabilized occupancy rates and has experienced rent growth of up to 28% over the last five years. All units at Landmark are renovated with new flooring, granite countertops, white shaker-style cabinets, and front loading washer and dryer units. However, the current in-place rents are up to 12% lower than nearby comparable properties, presenting a significant mark-to-market opportunity. Additionally, these rents are 25% below class-A comparables, which creates a strong demand due to affordability. The property spans 21.5 acres, including approximately 8.7 acres of excess land available for future residential units or amenity expansion.