PULLMAN, WA—Legacy Capital Advisors, Phoenix, recently financed the sale of Campus Commons Apartments, a 334-unit student housing property located at Washington State University in Pullman.
The building has approximately 322,512 rentable square feet. The south phase of the project was built in 1972 and the north phase in 1985. The property was sold to MCS Acquisitions, LLC (a Delaware-based limited liability company). The seller was FPA Campus Commons Apartments, LLC (a Delaware-based limited liability company). The sale price was $33.5 million, which equates to $100,229/unit.
“MCS had an extremely tight time frame on the Campus Commons acquisition and we were able to secure a great new bridge loan for them in 45 business days,” stated Matt Manor, vice president at Legacy Capital Advisors, who arranged the financing for the property.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
