BLACKSBURG, VA - Virginia Tech Investors has completed the acquisition of Terrace View Apartments, a 756-unit and 1,720-bed student-housing community located one-half mile north of Virginia Tech University.
With 81 residential buildings on more than 43 acres of property, Terrace View Apartments is a sought after location for the community, which represents 31,000 Virginia Tech students, having maintained 100-percent occupancy for the past six years.
Virginia Tech Investors is managed by Phoenix-based Mica Creek-Sagamore (MCS) Capital Partners. MCS targets both conventional multi-family and student-housing properties throughout the United States. Their student housing portfolio includes properties at Arizona State University, The University of Arizona, and Florida State University.
"On behalf of MCS and its investors, we are pleased to acquire this 100-percent-leased property," said MCS Chairman Charles Dubroff. "We're thrilled to add Terrace View Apartments to our portfolio, as we plan to continue to acquire well-located assets which meet our investment criteria in the next 12 months."
Jason Pollack, Managing Director of MCS said, "We're excited about this acquisition and the opportunity to improve Terrace View Apartments with continued renovations and enhancements for tenants."
MCS financed the acquisition through NorthMarq Capital, who facilitated the loan through its sister organization AmeriSphere, a Fannie Mae DUS lender. Holliday Fenoglio Fowler, L.P. in Chicago brokered the transaction. The property will be managed by Detroit-based Rock Companies.
Mica Creek-Sagamore (MCS) Capital Partners LLC is a privately-held real estate investment firm based in Phoenix, Arizona. MCS' core business is to acquire, renovate and reposition student and conventional multi-family housing in pre-selected markets throughout the United States.