Virginia Tech Investors buys Terrace View Apartments
Virginia Tech Investors has completed the acquisition of Terrace View Apartments in Blacksburg for $76.2 million. The 756-unit, 1,720-bed student-housing community, a half-mile north of Tech, is the university’s largest student-housing community.
It has 81 residential buildings on more than 43 acres of property. For the past six years, Terrace View has maintained 100-percent occupancy, according to Phoenix-based Mica Creek-Sagamore (MCS) Capital Partners, which manages Virginia Tech Investors.
MCS targets both conventional multifamily and student-housing properties throughout the U.S. Its portfolio includes properties at Arizona State University, The University of Arizona and Florida State University.
“We’re thrilled to add Terrace View Apartments to our portfolio, as we plan to continue to acquire well-located assets which meet our investment criteria in the next 12 months,” MCS Chairman Charles Dubroff said in a statement.
Jason Pollack, managing director of MCS said, “We’re excited about this acquisition and the opportunity to improve Terrace View Apartments with continued renovations and enhancements for tenants.”
Recent renovations to the pool and clubhouse area include a 28-person hot tub, cabanas, coffee bar, gaming and study areas and an expanded gym with updated equipment.
MCS financed the acquisition through NorthMarq Capital, which facilitated the loan through its sister organization, AmeriSphere, a Fannie Mae lender. Holliday Fenoglio Fowler L.P. in Chicago brokered the transaction. The property will be managed by Detroit-based Rock Cos.