Berkadia Brokers Sale of Three-Property Virginia Tech Student Housing Portfolio
Berkadia has arranged the sale and secured a $100 million acquisition loan for a three-property student housing portfolio serving Virginia Polytechnic Institute and State University in Blacksburg, VA.
The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive; Maple Ridge Townhomes is a 314-unit property located at 344 Red Maple Drive and Collegiate Suites at Blacksburg is a 210-unit property located at 1310 Henry Lane. Amenities include swimming pools, full-sized basketball courts, fitness centers and clubhouses as well as grilling stations and picnic areas.
David Hudgins of Berkadia’s Newport News office represented the undisclosed seller in the transaction. The buyer was California-based Reliant Group. In addition, John Richards of Berkadia’s Richmond office secured the $100.2 million in financing for the acquisition of this property on behalf of the buyer. The five-year Pacific Life Insurance loan included full-term interest-only payments on a 30-year amortization schedule and a 2.66 percent interest rate.