Johnson CIty, TN — April, 2026

MMG Real Estate Advisors, in partnership with KeyBank, announced the successful sale and financing of University Edge, a 192-unit, 624-bed, 332,420 square foot Class-A student housing community located at 908 W. Watauga Ave. in Johnson City, Tennessee. The property closed April 6, 2026, setting a record price per unit and price per bed in the Johnson City market.

The asset traded in a transaction that generated 26 written offers and closed in 61 days from PSA execution. Through a strategic partnership between MMG’s Structured Finance Division and KeyBank, the team secured $39,999,000 in Freddie Mac agency financing at 75% LTV — a notable achievement on a secondary student housing asset in a tertiary market. Financing was arranged by Samantha Miller of KeyBank and Tanner Wycoff of MMG Structured Finance.

University Edge is the top-performing student housing asset in the East Tennessee State University market, distinguished by its best-in-class amenities, professional management, and proximity to campus. The property commands the highest rents in the submarket and maintains consistent occupancy — attributes that positioned it well for agency execution from day one.

MMG’s national marketing platform drove exceptional engagement from investor groups across the country. The combination of outsized cash yields relative to conventional multifamily product in the market, strong historical performance, and agency financing eligibility created significant demand. Notably, several of the most competitive groups in best-and-final were conventional operators or family office capital — a direct reflection of the appetite from non-traditional buyers for well-located, high-performing student housing.

MMG’s team negotiated non-refundable earnest money at signing of the PSA and ran a disciplined process from initial bid to close — producing a result that set a new pricing benchmark for the market.

“Despite navigating one of the most turbulent, volatile markets we have seen since the GFC, the market showed up,” said Alex Blagojevich, Executive Managing Director and Co-Founder of MMG Real Estate Advisors. “The combination of our deal team’s efforts, along with MMG’s proprietary, truly national database and collaborative efforts across all of our territories, allowed us to produce a truly exceptional result. Our ability to run a national process — marketing the asset to private capital in addition to the traditional student housing groups — is what drove the outcome.”