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.

Legacy secured $30.6 million in non-recourse bridge financing. MCS Capital Partners has been active in multiple states in both student housing and market rate apartment ownership and management.  

Legacy Capital Advisors specializes in providing the most comprehensive capital advisory services to the commercial real estate industry including debt, equity, structured finance and loan modification services.