HFF Closes $76.2 Million Sale of 1,720-Bed Community Near Virginia Tech

Blacksburg, Va. — The family-owned company is leasing lofts for fall 2014.

Terrace view apartmentsWEBTerrace View ApartmentsBlacksburg, Va. — HFF has closed the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community near Virginia Tech.

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 within walking distance to the Virginia Tech campus. 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.

 

The HFF team representing the seller was led by managing directors Brian Kelly and Troy Manson with support from Mike Higgins.

 

 

 

 

 

 

 

More News