Three Blacksburg housing complexes sold for $146M
California-based Reliant Group purchases student-targeted housing
Three off-campus housing complexes in Blacksburg geared toward Virginia Tech students have been sold for $146 million in a deal closed May 5, Berkadia announced Friday. The buyer, California-based Reliant Group, added the portfolio to its earlier purchase of a student housing property near Virginia Tech.
According to Montgomery County property records, Reliant Group-connected CAP IX Collegiate Suites LLC purchased Hunters Ridge, a 72-unit property at 1401 and 1441 Seneca Drive, from University Housing Group; the entity also purchased Collegiate Suites at Blacksburg, a 210-unit property at 1314 Henry Lane, from CSB LLC III, at a total of $74 million.
CAP IX Maple Ridge LLC acquired Maple Ridge Townhomes, a 314-unit property at 344 Red Maple Drive, for $72 million from Maple Ridge Clubhouse LLC.
Berkadia Richmond Managing Director John Richards secured $100.2 million in financing for the buyer, including a five-year Pacific Life Insurance loan, and Senior Director David Hudgins of Berkadia Newport News completed the sale on behalf of the seller and the buyer, which has a regional office in Blacksburg and purchased the 756-unit Terrace View apartment complex there in 2017.
This article has been corrected since publishing.