Joint Venture Between Affiliates of Wheelock Street Capital and Iconic Development Acquires Terrace View Apartments Student Housing Complex in Blacksburg, Virginia
GREENWICH, Conn.--( BUSINESS WIRE )-- Wheelock Street Capital announced today that a joint venture between affiliates of Wheelock Street and Iconic Development recently acquired Terrace View Apartments , a student housing complex in Blacksburg, Virginia. Blacksburg is the home of Virginia Polytechnic Institute and State University (“ Virginia Tech ”), and Terrace View Apartments serves as a prime source of housing for Virginia Tech’s undergraduate and graduate student populations. On May 25 th , the joint venture acquired Terrace View Apartments from affiliates of The Stonemark Group , an Atlanta, Georgia based multifamily management and investment firm . The terms of the transaction were not disclosed. Stonemark will continue to manage the property. Reznick Capital Markets was engaged by Iconic Development to raise joint venture equity for the acquisition and directed the deal to Wheelock Street . John Lustgarten, managing director at Reznick, commented, “We thought Wheeloc...
