The Dutton

The Dutton was acquired as a 216-unit student housing community in Murfreesboro, TN. Built in 2006 and located just 1.9 miles from Middle Tennessee State University, the property features a robust amenity set, including a large clubhouse, business center, resort-style pool, sports courts, and dog parks. The Dutton was operated on a per-bedroom lease model with a resident mix of ~60% students and ~40% non-students. The business plan included repositioning the asset by splitting 48 four-bedroom units into two separate apartments, increasing the unit count to 264.  After acquisition we upzoned the property a second time and received the rights to bifurcate the remaining 48 four-bedroom units.  This brought our unit count to 312 units and by efficiently adding 96 units our basis was dropped on the 312 units by over 25%.