Berkadia Secures $100.2M in Financing for Student Housing Portfolio Near Virginia Tech

by Julia Sanders

BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street.

David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction.

John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate.

Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon.

Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and dryers and full appliance packages. Community amenities include a swimming pool, fitness center, tanning salon, grilling station and a two-story clubhouse.

Lastly, Collegiate Suites at Blacksburg is a 210-unit property located at 1310 Henry Lane. The property features one-, two- and four-bedroom floor plans with full appliance packages, laundry rooms with storage, living room and bedroom furniture packages and private bathrooms. Community amenities include a clubhouse with a fitness center, coffee bar, game area, picnic areas with grilling stations, basketball court and a tanning bed.

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