Brickstone Partners, a full-service real estate investment and development firm headquartered in Nashville, announced it has secured $49 million in refinancing for Mountainaire, a student-focused multifamily community in Boulder, Colorado.
“We have deep expertise executing unique and creative value strategies in constrained and challenging markets such as Boulder,” said Daniel Otis, founder and principal of Brickstone Properties.
This is Brickstone’s 10th investment in Boulder since 2008, totaling nearly $1 Billion of investments and recapitalization. They are one of the largest student-housing owners at the University of Colorado at Boulder and were also the original sponsor and co-developer of the GOOGLE campus.
“This refinancing is a continued substantiation in our ability to execute through the real estate cycle downturn,” Otis said. “After absorbing more than 500bps of interest rate increases as well as significant operating expense growth, we were able to achieve a cash-out refinancing from a low-cost and long-term source of life company debt capital. By targeting niche markets and executing value-add strategies, we’re able to drive durable returns and cash flow through the various investment cycles. The recapitalization allows us to materialize our investment thesis on this asset and move on from a challenging macro-economic period, reinforcing our commitment to serving Boulder’s students and residents while creating long-term value for our partners.”
Brickstone Partners is a leading operator of student-focused multifamily housing in Colorado. Brickstone has invested more than $1 billion in Boulder and Fort Collins to date.
Brickstone Partners, Inc. is a full-service real estate investment and development firm headquartered in Nashville. Founded in 2001 by Daniel Otis, Brickstone has participated in more than $1 billion in office, retail and multifamily investment and development. Today, the firm focuses on acquiring and developing multifamily communities in irreplaceable locations within highly desirable markets. Brickstone is committed to delivering strong investor returns and lasting value to the communities it serves.
