The Social Blue

Property Description

The Social Blue is a purpose-built, off-campus student housing community near Middle Tennessee State University (MTSU) in Murfreesboro, Tennessee. MTSU’s +500-acre campus is a ±5-minute drive; ±8-minute bike ride; or ±20-minute walk of The Social Blue. Built in 2005, The Social Blue is a 14.55-acre community featuring 16 garden-style buildings that house 200 units and 512 beds. The Property offers a mix of studio, one-, two-, three-, and four-bedroom units. The furnished units feature private bathrooms in every bedroom, full kitchens, and in-unit washers and dryers. As of September 2024, 113 total unit renovations (303 beds), or 59% of the overall unit mix have been renovated. The renovated units feature two-tone cabinets with white granite-inspired countertops and new appliances. Those units post a ±$70 premium for one bedrooms, ±$60 per bed for two bedrooms, ±$50 per bed for three bedrooms, and ±$40 per bed for the four bedrooms. Currently, the property is 95% occupied for the 2025-26 school year. Residents enjoy abundant community amenities, including a large clubhouse, movie theater/screening room, state-of-the-art fitness center, yoga studio, resident lounges, a game room, conference/meeting rooms, and a computer lab with print stations. The Social Blue boasts one of the largest resort-style pools in the market, with an expansive sun deck. The Social Blue is 95% pre-leased for the 2025-26 school year and offers an optimal investment opportunity for qualified investors. There is assumable Freddie Mac debt in place with a balance of $26,269,000 at 5.01% interest-only through January 1, 2027. Middle Tennessee State University is a well-recognized university in Murfreesboro, with an enrollment of 20,000± students for the 2023-24 school year, an increase of ±0.5% over the 2023 school year (MTSU Fact Book). MTSU is the No. 1 producer of graduates for the Greater Nashville economy. The University has been named to The Princeton Review’s list of the Best 388 Colleges in the U.S. five years in a row and is a top destination for transfer students in Tennessee. The University offers over 140 undergraduate programs and more than 100 graduate programs. MTSU is known for its Recording Industry, Aerospace, Nursing, Music, and Concrete Industry Management Programs. There is a persistent demand for high-quality, off-campus student housing in proximity to the campus. MTSU has 2,500 beds on campus leaving roughly 17,500 students searching for off-campus housing. As of August 2024, the University is not accepting applications for the 2024-25 school year and the waitlist is paused. Further, there are barriers to entry in this market with no new student housing construction in the pipeline or under construction. Residents of The Social Blue are near the many cafes, shops, galleries, and restaurants along “Main Street”, and adjacent to a shopping center anchored by Walmart. Further, connections to Interstate 24 provide access to Nashville and shopping at some of Murfreesboro’s popular shopping venues such as The Avenue and Stones River Town Center.