The Townhomes and Flats at MSU

We are pleased to present the exclusive offering of The Townhomes and Flats at MSU, a fully stabilized, purpose-built student housing community serving Morehead State University in Morehead, Kentucky.

The property consists of 13 buildings with 110 units (including a model home/office) across five distinct floor plans, offering a mix of spacious townhome and flat-style residences. Located just minutes from campus, The Townhomes and Flats at MSU is ideally positioned to capture strong student demand while offering a quiet residential environment with superior finishes and professional management. 

Since acquiring the property in 2023, current ownership has invested over $2.55 million in capital improvements, ensuring both durability and an enhanced resident experience. Upgrades include unit renovations and community enhancements, resulting in a premium product that continues to outperform market competitors. Avg rent ($940/unit) in 2024-2025 grew 6.86% in 2025-26 (to $1,005/unit). Over 50% of residents renewed at a higher price, showing strong demand for the subject property.

Morehead State University continues to support strong housing demand, with steady enrollment growth and limited purpose-built student housing supply in the market. This favorable dynamic positions new ownership to benefit from stable cash flow while capturing additional organic rent growth. 

With a NOI of $962,004, the offering is priced at $12,535,000, reflecting a 7.67% cap rate and a projected 10%+ Year 1 cash-on-cash return. Professionally managed by a capable local team, the asset provides a true turnkey opportunity to acquire a top-tier student housing community in an undersupplied market, backed by a stable tenant base and proven operational success.

Detailed financial brochure available upon request 

• Stabilized Student Housing Asset: 110 units, comprised of 13 buildings with five distinct floor plans (townhomes and flats).
• Proximity to Campus: Just minutes from Morehead State University, offering proximity to class and a quiet residential setting.
• Full Renovation Program Completed: Current ownership invested $2.55M+ in upgrades, including new flooring, all new shingled roofing, HVAC systems, appliances, parking lots, plumbing, lighting, and interior finishes.
• Management: Current management has offered to continue their expert management of the property, creating the potential of a hands-off investment for a potential investor.
• Market-Leading Rents: Achieves an average rent of $1,005 per unit, positioning the property at the top of the local student housing market.
• Consistently 100% Occupied: Proven demand from MSU’s enrollment base supports strong leasing performance year after year.
• Professional Local Management: Experienced team in place ensures operational continuity and tenant satisfaction.
• Attractive Financial Profile: Current NOI of $962,004, offered at $12,535,000 (7.67% cap rate), with a projected 10%+ cash-on-cash
• return for year 1.
• Undersupplied Market: Limited competition from purpose-built student housing or housing for grad students/young professionals in Morehead creates ongoing demand stability and rent growth potential.
• Detailed financial brochure available upon request