Radford University off-campus apartments sell for $36.1M
The purchase includes 52 buildings that can house up to 730 students.
More than 200 apartment units near Radford University sold for $36.1 million, Richmond-based real estate company One South Commercial announced this week.
The buildings bought by Highland Apts I LLC, a special-purpose entity (SPE) associated with Reston-based real estate investment firm Willow Creek Partners. Radford-based developer and operator Price Williams Realty entities sold the properties, which was the original developer and seller of the property.
The purchase includes 52 buildings with a total of 213 apartments and 730 bedrooms that were developed and have largely been marketed as off-campus student housing for Radford University students, says One South Commercial spokesperson Liz McSorley says.
The buildings are located on East Main Street, Fairfax Street, Downey Street, Clement Street, Lawrence Street, Calhoun Street and Tyler Avenue, each located less than a few miles from the Radford University campus.
Ryan Rilee and Tom Rosman of One South Commercial arranged the transaction, which closed on March 18.
“This transaction was completed in an efficient manner despite difficult circumstances due to the temporary closure of Radford University and disruption to economic activities during the COVID-19 pandemic,” according to a statement from One South Commercial.