STUDENT HOUSING COMMUNITY NEAR VIRGINIA TECH SELLS FOR $76.2M

BLACKSBURG, VA. — HFF has brokered the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community in Blacksburg. The community is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. The community, which is fully occupied, was renovated this year. The property includes a clubhouse, fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, beach volleyball court, dog park, basketball and volleyball courts and 12 picnic areas. Brian Kelly, Troy Manson and Mike Higgins of HFF represented the seller, a joint venture between Iconic Development and Wheelock Street Capital. The buyer, MCS Capital Partners, assumed an existing Fannie Mae loan in the acquisition.