CHICAGO, IL– HFF announced today the $76.2 million closing of the sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community near Virginia Tech in Blacksburg, Virginia.
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 located at 413 Hunt Club Road 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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.