Wheelock Street Capital and Iconic Development purchase Terrace View Apartments
Blacksburg, Va. — A joint venture between Wheelock Street Capital and Iconic Development has acquired Terrace View Apartments, a 1,720-bed student housing complex located on Patrick Henry Drive, approximately one half mile north of the Virginia Tech campus, in Blacksburg. The Stonemark Group of Atlanta sold the property, which consists of 81 buildings and 757 units. Amenities include a junior Olympic size swimming pool, a clubhouse, a fitness center, a playground and a dog run. Acquisition financing was provided by Fannie Mae and originated by NorthMarq Capital through its affiliation with AmeriSphere Multifamily Finance, LLC, a Fannie Mae approved DUS lender. The acquisition represents Wheelock Street’s first student housing acquisition and first joint venture partnership with Iconic Development. HFF brokered the transaction.
— Daniel Beaird