Graystone Fund I Acquires 158-Bed Multifamily Portfolio Near Virginia Tech for $16.9 Million

Blacksburg, Va. — Graystone Fund I (GFI) has acquired Hearthstone Apartments, a 158-bed multifamily portfolio located near the Virginia Tech campus in Blacksburg, for $16.9 million. The portfolio is 20 percent occupied by undergraduate students, with the rest of the units occupied by graduate students and young working adults. GFI plans to increase the marketability of the property by making minor improvements.