Graystone Fund I (GFI) has acquired a 456-bedroom, 140-unit portfolio of student-focused housing in Blacksburg, previously owned and managed by BCR Property Management (or an affiliate). The portfolio was acquired on March 24, 2021, for approximately $33,750,000.
GFI plans to make necessary improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. GFI mission is to acquire/develop multifamily assets in Blacksburg and the surrounding areas, as well as Northern Virginia. GFI’s management has a combined 100 years’ expertise in multifamily acquisitions, land development, and finance. A GFI affiliate, Graystone Companies, developed Blacksburg’s University Crossroads project, which is home to the Hyatt Place hotel, Residence Inn hotel, and three retail buildings that include Chipotle, McAlister’s, CVS, Mezza, and numerous other retailers. Graystone Companies also plans to construct an approved 53-unit, 204-bedroom purpose-built student housing project at the corner of Toms Creek Road and the 460 by-pass.
The $33,750,000 acquisition expands Graystone’s existing Blacksburg portfolio, which is a primary focus area for Graystone. According to a top company insider, GFI has other properties under contract, which will bring its portfolio to over 700 beds in Blacksburg by early summer 2021 and is searching for additional acquisition targets.
