Terrace View bought again
For the second time in two years one of Blacksburg’s largest apartment complexes has a new owner.
Phoenix-based Mica Creek-Sagamore Capital Partners announced Tuesday that it and an affiliated company, Virginia Tech Investors, have purchased Terrace View Apartments, the 757-unit apartment complex near the university.
The purchase price was not immediately available.
Terrace View is the second largest rental complex in town, behind Foxridge Apartment Homes and Hethwood Communities with its more than 1,700 combined units.
MCS is based in Arizona and owns student rental housing nearby Arizona State University, the University of Arizona and Florida State University. The companies plan to “improve Terrace View Apartments with continued renovations and enhancements for tenants,” according to a news release from the company.
This is not the first time a buyer has announced plans to upgrade and even expand the apartment complex.
In 2011, Iconic Development LLC of Evanston, Ill., and the northeast-based Wheelock Street Capital together paid $51.1 million for Terrace View. At the time, a representative of the companies told The Roanoke Times that major renovations were planned.
In 2012, Terrace View owners requested a rezoning of the complex’ about 44 acres from medium density multi-unit residential to planned residential, which would have allowed the addition of about 119 bedrooms to the facility.
The request never went to a Town Council vote, Blacksburg Development Manager Kinsey O’Shea said Tuesday.
Terrace View was built beginning in 1968, and by 1979 had reached its current size.
The Roanoke Times | 381-1675
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