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| Terrace View Apartments, 413 Hunt Club Road, Blacksburg, VA |
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| Brian Kelly |
CHICAGO, IL – HFF announced today the $76.2 million closing
of the sale of Terrace View Apartments, a 756-unit, 1,720-bed student
housing community near Virginia Tech in Blacksburg, Virginia.
HFF marketed the
property on behalf of the seller, a joint venture between Iconic Development
and Wheelock Street Capital. MCS
Capital Partners purchased the asset for $76.2 million and assumed an existing
Fannie Mae loan.
Terrace View Apartments is located at 413 Hunt Club Road
within walking distance to the Virginia Tech campus.
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| Troy Manson |
Most recently renovated in 2013, the fully-leased property
was completed in nine phases and has 81 buildings with one- through
four-bedroom townhomes and flats averaging 938 square feet each.
Community amenities include a newly-renovated clubhouse and
fitness center, swimming pool, resort-style hot tub with waterfall, tanning
bed, game room, TV lounge, disc golf course, community garden, professional
beach volleyball court, dog park, three volleyball courts, four basketball
courts and 12 picnic and grill areas.
+HFF+use.bmp) |
| Mike Higgins |
The HFF team representing the seller was led by managing
directors Brian Kelly and Troy Manson with support from Mike
Higgins.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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